Bank of America

www.bankofamerica.com
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Bank of America Reviews

Updated 1 March 2015
Updated 1 March 2015
7,762 Reviews
3.3
7,762 Reviews
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Bank of America President & CEO Brian T. Moynihan
Brian T. Moynihan
3,313 Ratings

Review Highlights

Pros
  • Excellent work life balance including remote work from home for certain positions (in 417 reviews)

  • They have a program called MyWork which allows you to work from home or from any location (in 223 reviews)


Cons
  • Work/life balance was a little tough but you are going to get that anywhere to be honest (in 180 reviews)

  • upper management failed to listen to the lower ranks often missing oppertuinitys (in 184 reviews)

More Highlights

Employee Reviews

Sort: Popular Rating Date
  1.  

    Good place to work but very hierarchy driven. You have to put in the time.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Intern in London, England
    Former Employee - Intern in London, England

    I worked at Bank of America

    Pros

    Nice culture, decent salary, on site gym (paid)

    Cons

    Large workload, training not great

    Recommends
    Neutral Outlook
    Approves of CEO
  2.  

    A mixed bag, some good, some bad...

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee in Bromley, England
    Current Employee - Anonymous Employee in Bromley, England

    I have been working at Bank of America full-time

    Pros

    Good salary package; good leadership 1-2 management levels upwards, but not above that; good on-site facilities; professional, hard-working team members and managers

    Cons

    Too much uncertainty over financial budgets which resulted in multiple waves of redundancies (of small numbers of people each time) and consequent worry amongst staff i.e. "who's next?". This was made worse by the sudden departure, typical in many financial organisations these days, of those selected for redundancy i.e. it often took several days, sometimes weeks, before the reason for someone's absence became clear and this created knowledge gaps on projects and also increased the nervousness of remaining team members.

    Too much bureaucracy, with approvals being required for very minor things - some managers are trying hard to improve things in this area, though.

    The performance management process is too blunt an instrument to adequately reward good performance, resulting in a lack of confidence in the fairness of the overall process. Many managers and staff just go through the motions and pay lip service to an imperfect system.

    Work-life balance not good, with some people working excessive hours e.g. 12-14h per day on a regular basis.
    Home working contracts are no longer available for some teams, but there is some flexibility on very occasional home working days if this is pre-agreed.

    Advice to ManagementAdvice

    Look at how financial forecasting can be improved, and also review the impact of redundancies on the motivation of staff who remain as the process just seems too cold and impersonal, with poor communication of the reasons as well.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  3.  

    Not very organised

    Former Intern - Technology Intern in London, England
    Former Intern - Technology Intern in London, England

    I worked at Bank of America as an intern (less than a year)

    Pros

    The project given to me was surprisingly interesting considering the general opinion about technology in the finance area. There was a gym in the building, but it was not free.

    Cons

    The schedule is not flexible, being 9-5. The "casual Friday" was not very casual as most people seemed to prefer being formal. There is a very strict hierarchy and almost everything needs approval.

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  5.  

    Business analyst

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Business Analyst in London, England
    Current Employee - Business Analyst in London, England

    I have been working at Bank of America full-time (more than 5 years)

    Pros

    Good work life balance, good people, flexible change management

    Cons

    Hierarchy is not in context between front and Middle office - middle have too many layers of mid level management

  6. 1 person found this helpful  

    Fantastic Company

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Customer Service Representative Intern in London, England
    Current Employee - Customer Service Representative Intern in London, England

    I have been working at Bank of America

    Pros

    Transparent office culture and proactive workforce.

    Cons

    Very demanding workload but good support system if utilised.

    Recommends
    Positive Outlook
    No opinion of CEO
  7.  

    vast oppurtinities in each sector

    Current Employee - Assistant Vice President in London, England
    Current Employee - Assistant Vice President in London, England

    I have been working at Bank of America

    Pros

    various challenging aspects of day to day job creates a good learning oppurtunity , benefits are great. Time off policies are great and office culture is good

    Cons

    compensation needs to improve a bit more

    Advice to ManagementAdvice

    compensation needs to be looked as well as work life balance

    Recommends
    Positive Outlook
    Approves of CEO
  8.  

    Equity Derivative Sales

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

    I have been working at Bank of America full-time (more than 5 years)

    Pros

    Dedicated and smart co-workers
    Large coverage base

    Cons

    Bureaucracy
    Internal Politics
    Low Risk appetite
    Long hours

    Recommends
    Neutral Outlook
  9.  

    Overall good experience, but not enough to make me take their FT offer

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Intern - Summer Associate in London, England
    Current Intern - Summer Associate in London, England

    I have been working at Bank of America as an intern (less than a year)

    Pros

    - Environment in S&T division is somewhat collegial, I guess there is more to worry about than internal competition
    - Great learning opportunity
    - Very professional support professionals (back office, HR, IT)
    - AMAZING office location & construction

    Cons

    - Transparency is not great, especially in sales-oriented teams
    - Volatile headcount decisions
    - Top notch teams coexist with so-so teams on the floor
    - Organization was a bit top-heavy, and certain teams were understaffed at the analyst+associate level

    Advice to ManagementAdvice

    Redesign information flows and reporting structure so that organization is less siloed.

    Recommends
    Neutral Outlook
    Approves of CEO
  10.  

    Proceed with extreme caution- a very frustrating and unpleasant experience awaits

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Associate in London, England
    Former Employee - Associate in London, England

    I worked at Bank of America full-time (more than a year)

    Pros

    While I did not enjoy my time there, I did meet some great individuals along the way, and learned a lot about myself. I also learned a lot about what I do not want in an employer and I will never work for a company this innately and unnecessarily complicated again.

    Cons

    I would like to say that I sincerely try to make the best of any situation, and am generally a very optimistic person. However hard I tried, I was worn down by the sheer volume of roadblocks put in the way of simply doing my job, let alone doing it well. This isnt a rant from someone who 'just got a bad bonus.' I left as soon as I could.

    The below list is certainly not an exhaustive list, but would be among the bigger issues I faced:

    Zero onboarding (which is crucial); not enough human resource to do the job (however, a lot of dead weight); unfair bonus pools; illogical reporting structures; impossible to navigate proccesses and procedures (despite simplify & improve programme); not enough investment in technology (which is appallingly bad), highly bureaucratic; the most political environment I have ever worked in (most definitely not a meritocracy); a lot of bad blood still around post merger; zero internal mobility prospects

    Advice to ManagementAdvice

    Genuinely lead by example. Us management- try to understand the word 'global' and trust your regional executive teams to run and deliver the business in their region (ie get rid of most, if not all enterprise functions and devolve responsibility regionally)

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  11.  

    Dont move with the times

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Administrative Assistant III in London, England
    Former Employee - Administrative Assistant III in London, England

    I worked at Bank of America

    Pros

    None since merging with Merrill Lynch

    Cons

    Constant org changes since merger make compamy a very insecure place to work

    Advice to ManagementAdvice

    Retain and respect and invest in current employees

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

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