SuMi Trust Reviews | Glassdoor

SuMi Trust Reviews

Updated November 16, 2017
50 reviews

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2.5
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Hitoshi Tsunekage
7 Ratings

50 Employee Reviews

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Pros
  • Good work life balance in the bank (in 7 reviews)

  • Good benefits: pension, private medical insurance, staff loan, health check, etc (in 6 reviews)

Cons
  • low salary for a city like New York (in 4 reviews)

  • No room for advancement or impetus for change (in 4 reviews)

More Pros and Cons

  1. Helpful (1)

    "Completely different companies"

    StarStarStarStarStar
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    Pros

    Note that the various Sumitomo companies are completely different but the reviews here may be combined. Sumitomo Mitsui USA (in NJ) is completely different from Sumitomo Mitsui Trust Bank (SuMi TRUST in NYC) and they are both completely different from Sumitomo Mitsui Banking Corp (SMBC). Glassdoor may not be correcting where the reviews are misclassified. Be sure to ask questions and determine which is which. Within each company, every department is different, and every person's individual experience is also very different.

    Cons

    Note that the various Sumitomo companies are completely different but the reviews here may be combined. Sumitomo Mitsui USA (in NJ) is completely different from Sumitomo Mitsui Trust Bank (SuMi TRUST in NYC) and they are both completely different from Sumitomo Mitsui Banking Corp (SMBC). Glassdoor may not be correcting where the reviews are misclassified. Be sure to ask questions and determine which is which. Within each company, every person's individual experience is very different and every department is also different.


  2. Helpful (1)

    "Decent place to start, pay makes it difficult to stay"

    StarStarStarStarStar
    Former Employee - Anonymous Employee in New York, NY
    Former Employee - Anonymous Employee in New York, NY
    Doesn't Recommend

    I worked at SuMi Trust full-time

    Pros

    - Generally very nice people. I enjoyed working with my team.
    - Culturally diverse
    - Good exposure to the market
    - Hours aren't terrible
    - Good exit opportunities

    Cons

    - Horrible pay and negligible bonuses. Not even close to market
    - Too many layers of approval required for everything you do. No real decision making power in New York.
    - Too much paperwork / operational work, even for front office positions
    - Refuses to invest in technology
    - Slow to promote
    - Very high turnover

    Advice to Management

    Pay scale needs to be completely revamped.

  3. "Overall friendly people and good exposure"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Officer in New York, NY
    Former Employee - Officer in New York, NY
    Recommends
    Neutral Outlook
    No opinion of CEO

    I worked at SuMi Trust full-time (Less than a year)

    Pros

    Friendly people
    Relaxed environment depending on which department you're in
    Good exposure
    Good benefits

    Cons

    Senior Management
    Low salary
    Clash of cultures
    Politics - but this is everywhere

    Advice to Management

    Value your employees. Be more open to change.


  4. "IT Security Administrator"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I worked at SuMi Trust full-time

    Pros

    Great manager. Work balance was good for me, never took work home.

    Cons

    Very corporate environment. No culture, just work.


  5. Helpful (4)

    "good place to start"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in New York, NY
    Former Employee - Anonymous Employee in New York, NY
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I worked at SuMi Trust full-time (More than 3 years)

    Pros

    very culturally diverse, relaxed people, and potentially great work experience to be gained depending on your colleagues and which group you are in. great work environment. never encountered any politics.

    you will be in a good position when you quit.

    Cons

    many cons. in order of severity

    1 comp is the lowest in the industry. bonuses non existent and salaries are in the lowest decile for NYC.
    2 very bureaucratic. there is no sense of autonomy here. everything you do requires multiple levels of approvals. nobody in the NY office has any decision-making power
    3 everyone's job description includes a significant amount of administrative work and paper shuffling, even if they tell you otherwise. yes, including every front office role as well.
    4 they have strict budgets on number of promotions they can give out each year at each level. people will get passed on for promotions even in the first few years they are at the bank while their immediate peers move up
    5 even if you get promoted your comp will fall further and further behind your peers at any other financial companies with each year you stay
    6 senior management and decision makers are all located in japan and you will never meet or talk to them. over time it becomes clear that nobody in senior management understands the products that the bank offers at the NY branch or how US markets operate, yet they are still making all of the lending decisions
    7 the bank is currently under harsh budget pressure. profitiability in many of the Japan banking operations have declined signficiantly and you will feel the budget pressure in the US offices
    8 extremely high turnover among the US employees for the above reasons

    Advice to Management

    at least try to stop the turnover?


  6. Helpful (2)

    "Good place to work"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Compliance Analyst in New York, NY
    Current Employee - Compliance Analyst in New York, NY

    I have been working at SuMi Trust full-time (More than a year)

    Pros

    Great colleagues, great place to learn the industry.

    Cons

    Low salary for the work expected.


  7. Helpful (2)

    "Vice President"

    StarStarStarStarStar
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at SuMi Trust full-time (More than 10 years)

    Pros

    Good benefits , a relatively secure environment .

    Cons

    Not employee friendly , outdated
    Rigid policies.

    Advice to Management

    Despite the culture, try and be a bit progressive where you can .

  8. Helpful (1)

    "Manager"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee in New York, NY
    Current Employee - Anonymous Employee in New York, NY
    Recommends
    Positive Outlook
    No opinion of CEO

    I have been working at SuMi Trust (More than 10 years)

    Pros

    Pleasant work environment with an internationally diverse work force. The work is challenging and yet the atmosphere is relaxed and collegial.

    Cons

    The management structure is too bureaucratic and rigidly set by standards from the Tokyo Head Office, which is decades behind the U.S. in terms of flexible hours, telecommuting, etc.

    Advice to Management

    Americanize and allow non-Japanese to enter your ranks.


  9. "Great benefits"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Recommends

    I worked at SuMi Trust full-time

    Pros

    Great benefits
    Good place to start

    Cons

    Management is terrible
    No room for professional growth


  10. Helpful (7)

    "Lord of the Flies"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Analyst in Hoboken, NJ
    Former Employee - Analyst in Hoboken, NJ
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I worked at SuMi Trust full-time (More than a year)

    Pros

    The people (below management) are very nice, and I give them points for diversity. There are very kind good people here doing the grunt work. Also very stable, they rarely fire (this is also a con, see below).

    Cons

    They won't fire managers - even if they're totally inept and abusive. There is no sense of overall leadership - politics are awful. They bear down on small mistakes but ignore larger problems. Managers are very problematic - some are good, a few are downright sick. One openly lies to colleagues, makes demeaning comments about everyone, is conspiratorial, and sickly manipulative. She screams over subordinates and attempts to humiliate them in meetings. She gives contradictory orders and blames everyone else for failures. She is extremely bound in process and loses sight of the goal. She has stalled projects, handed in gibberish, and takes credit for other people's work. She is condescending and controlling. There is no 360. Multiple people have quit and all they do is hire a new person to replace them. Beware, she is very arrogant and presents herself very professionally and in a dignified manner, but is the complete opposite.

    Advice to Management

    I think they need someone to bridge Japanese and American management styles - what they're doing now is creating chaos.


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