Bank of America today announced that they would be rebranding Countrywide to Bank of America Home Loans, in light of the tarnished reputation that surrounds the lending brand. This news comes on the heels of the January announcement that the company had completed its purchase of Countrywide for $4 billion in stock. Reports are also stating that Bank of America will be adding 1,000 new jobs to staff the new Home Loan division, along with moving 500 current jobs to this new endeavor.
The question is, what does this mean for both past Countrywide and current Bank of America employees? Looking through the reviews and salaries on Glassdoor, we found a few interesting tid-bits we thought we’d share:
Salaries: At Countrywide, a home loan officer earns about $63k/year. But Bank of America home loan officers reportedly earn an average $67K/year. Does this mean that Countrywide loan officers will see adjustments to address equity gaps?
Company and CEO Ratings: Countrywide Financial has an average company review of 2.5, while Bank of America employees rate their place of business at 3.2. In terms of CEO approval ratings, Bank of America CEO Ken Lewis currently receives a 54% approval rating which overshadows Countrywide CEO Angelo Mozilo’s approval rating which comes in at a meager 5%.
To give Bank of America perhaps a bit more of a leg up as this transition and hiring spree takes effect, here is some useful advice Countrywide employees have to offer the management team:
Do you have insights as an employee of Bank of America? Let us know.
Also as a side note, Bank of America CEO Ken Lewis was subpeoned last week and is now being investigated to determine whether the bank broke the law by not telling shareholders about big Merrill Lynch losses. Will Ken Lewis stay in office much longer? Will his approval ratings take a dive? Stay tuned.