Sovereign Bancorp Reviews | Glassdoor

Sovereign Bancorp Reviews

Updated April 26, 2017
183 reviews

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183 Employee Reviews

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Pros
  • Good work/life balance with significant paid time off and the option to buy-back additional days (in 12 reviews)

  • Good co-workers, flexible schedule, choice of locations (in 3 reviews)

Cons
More Pros and Cons

  1. "Everyone worked together as a team and got the job done"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Loan Processor in Framingham, MA
    Former Employee - Loan Processor in Framingham, MA
    Recommends
    No opinion of CEO

    I worked at Sovereign Bancorp full-time (More than 5 years)

    Pros

    People are great. Pay and benefits excellent. Everyone pitched in to help. Plenty of training and advancement. Morale was very important.

    Cons

    It would have been nice to have a product manual


  2. "Difficult dealing with customer"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Collections in New Bedford, MA
    Current Employee - Collections in New Bedford, MA
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I have been working at Sovereign Bancorp full-time (More than a year)

    Pros

    Team environment
    Additional compensation when goals are met
    Employee were resourceful

    Cons

    Customer are difficult to deal with.


  3. "Beneficial for future"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Bankruptcy Specialist in Reading, PA
    Former Employee - Bankruptcy Specialist in Reading, PA
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I worked at Sovereign Bancorp full-time (More than 5 years)

    Pros

    employees location work benefits pto

    Cons

    management spirit training education employees

    Advice to Management

    N/A


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  5. Helpful (3)

    "Insane micromanagement. Widget driven bank"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Branch Manager in New York, NY
    Former Employee - Branch Manager in New York, NY
    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO

    I worked at Sovereign Bancorp full-time (More than 3 years)

    Pros

    Salary, salary, salary, salary...I just needed at least 5 words for PROs box. It's not even that great. It's just much better than what I was getting at Wells.

    Cons

    3-4 Conference calls a day if you are a Branch Manager
    3 Trackers to submit
    Managers have individual production goals
    HORRIBLE SYSTEM
    HORRIBLE BACKOFFICE SUPPORT
    Call Nights
    Supplemental Call Nights
    Useless "De-brief Calls"

    Advice to Management

    You want to be a great bank and compete with big boys like Chase, BofA, Wells and Citi? Why don't you invest a couple of bucks into TECHNOLOGY? How do you except to sell a credit card or a mortgage if your customer service reps chew on potato chips when you call and have no clue what to do because of lack of training provided? Stop hiring just anyone and START worrying about your top talent. SUPPORT those that make you shine, do not punish them.


  6. Helpful (1)

    "great for financial advisors"

    Star Star Star Star Star
    Former Employee - Financial Advisor in Dorchester, MA
    Former Employee - Financial Advisor in Dorchester, MA

    I worked at Sovereign Bancorp full-time (More than 8 years)

    Pros

    good referral program for financial advisors

    Cons

    bank employees are micro managed


  7. Helpful (3)

    "Getting out was the best decision I have ever made."

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Personal Banker in New York, NY
    Former Employee - Personal Banker in New York, NY
    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO

    I worked at Sovereign Bancorp full-time (More than a year)

    Pros

    1. Great co-workers.
    2. Good vision insurance.

    Cons

    1. Micromanagement of all branch employees.
    2. Horrible bank software
    3. Horrible management
    4. HR is non-existent.
    5. Your daily schedule is given to you a week in advance, should you not follow said schedule you will be reprimanded by management. Example, if you are expected to "Lobby Lead" (AKA Greeter/"Find a customer to sell something to"), and instead you go assist a teller with a complex situation you will be reprimanded by management.
    6. Management is never around, and when they are, they do absolutely nothing.
    7. Call nights,
    8. Supplemental call nights
    9. Cold Calling galore!
    10. 0 room for growth.
    11. Understaffed branches.
    12. No priority on hiring.
    13. Extremely high turn-over rate.
    14. Horrible back office support.
    15. Low pay.
    16. Low commission payouts.
    17. Horrible Work/Life balance.
    18. Horrible dental/medical insurance plans.
    19. Unrealistic goals.
    20. Daily huddles/ Coaching sessions.
    21. STARR
    22. Raises never ever happen.
    23. Management is deaf.
    24. Management, for the most part, has a horrible attitude toward their employees.
    25. No customer service.
    26. No Employee support.

    Among other cons.

    Advice to Management

    Promote talent, stop promoting your friends.


  8. Helpful (1)

    "Pretty good place to work"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Relationship Manager in Edison, NJ
    Former Employee - Relationship Manager in Edison, NJ
    Recommends
    Positive Outlook
    Disapproves of CEO

    I worked at Sovereign Bancorp full-time (More than 3 years)

    Pros

    Flexible job despite sales goals, decent environment, room to grow, opportunity to move to other departments

    Cons

    Frustrating systems conversions and policies. Branch locations. Credit approval process. Salaries lag somewhat behind other bank competitors.

    Advice to Management

    Listen to employee feedback, need better IT systems.


  9. "Fairly decent"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Specialist in Lexington, MA
    Former Employee - Financial Specialist in Lexington, MA
    Recommends
    Neutral Outlook
    No opinion of CEO

    I worked at Sovereign Bancorp full-time (More than a year)

    Pros

    Pay is extremely competitive as well as bonus structure. Benefits are also very good.

    Cons

    Mandatory sales call nights, as well as aggressive sales goals for a bank that is already well established in the area. Too many phone calls about sales performance every week multiple times a week.

    Advice to Management

    Understand that as a bank there is only so much that can be done to gain new clients and when products aren't competitive there's even less.


  10. "Monotonous, mundane and mind-numbing"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - ACH Lead Specialist in Reading, PA
    Former Employee - ACH Lead Specialist in Reading, PA
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I worked at Sovereign Bancorp full-time

    Pros

    The benefits are decent and you start with 15 days PTO right off the bat.

    Cons

    Little to no avenues for growth. No clear career path. Saying the work was monotonous doesn't begin to describe it.

    Advice to Management

    When posting jobs internally, take those candidates seriously. Don't do it just so you can advertise to outsiders looking for a job that you recruit heavily from within.


  11. Helpful (1)

    "THE WORST PLACE I HAVE EVER WORKED AND I'M INCLUDING MENIAL JOBS IN HIGH SCHOOL!!"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in Boston, MA
    Former Employee - Anonymous Employee in Boston, MA
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at Sovereign Bancorp full-time (More than a year)

    Pros

    It is easy to get a job here.

    Cons

    -poor management
    -micro managers
    -everyone and i mean EVERYONE around you hates their job
    -only the robotic people succeed
    -managers take credit for your work
    -you are treated as though you are disposable
    -you are actually disposable and the turnover is horrendous

    Advice to Management

    take a good long look in the mirror and change everything from the top down.


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