I haven’t been here long and it’s pretty shocking to me when someone who has spent two decades here says that during all the ups and downs this place has had over those years, what is happening now is certainly the worst. ---- Is it really so, that the bank is going through the worst moments in its history?
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Don’t work in tech or mortgage analytics org. These two are cheap and forever doing layoffs. I’ve seen teammates used to work in mortgage teams now work at Costco. When laying off people from mortgage or tech teams, they divided people into different let go groups, some were let go within a month, manager’s friends were able to stay 4 months after announcement, in this way, minimum 3 months pay with certain head counts required by federal law was avoided. Really creative.
LOS is 22 years.. lowest moral, extreme workloads, terrible management. I hate my job. Hubby has 2 years til he retires then we are both leaving state to retire. Fingers crossed I get laid off with severance before that, hahaha.
Average raise for my group was 2%. We were told it was based on 2022 projections and concerns about profitability. Then we announced record profits for our 2021 fiscal year and CEO gets a 31% raise.
Can't get rid of bad performers, good performers don't get promotions because their bosses don't want to lose them, but a bunch of people got SVP and VP who basically do nothing except a bunch of OpEx and We Can Deliver fluff to boost numbers that have nothing to do with actually getting work done.
A lot of the people whose backs are breaking carrying this organization are leaving. They're not even quitting for remote jobs, just better pay and some flexibility around work arrangements.
Yes. I've been here since 2007. This is, by far, the worst time ever here in this place. The negative, toxic culture. People are overworked, underpaid, and lack of work from home options especially after all we've proven through covid is despicable. Morale is the lowest I've ever seen it.
People are leaving in droves. Anyone that thinks differently is surely in denial including the CEO. The people that are not leaving are the ones that have been there for fifteen plus years. Sadly, those are the ones the bank is hoping would leave. BM has said it time and time again, he’s hiring a lot of college graduates. Basically he doesn’t care and can replace everyone that is leaving. Apparently, he thinks education trumps experience. We’ll see how this works out for BOA in the future. My department is barely surviving with the amount of experienced people that have left. It’s barely staying above water.
In 2010, the bank had a different set of problems. The 2008-9 Great Recession put a millstone around the bank's neck with a flurry of mega-dollar lawsuits. BM did a highly commendable job bringing the bank back from the brink. Now that the bank has returned to profitability, excessive corporate greed runs rampant. Too many gimmicks around re-organizations, pay cuts, age discrimination, etc. Focus on getting back to basics - Take good care of your clients and employees, operate efficiently, provide excellent customer service. The market will respond. So there is still a lot of work to do, mostly around revitalizing the corporate culture, improving employee morale, and bringing common sense decency, integrity, and sound business values back to the fo-e.
2021 to 2022 is the arguably the worst for employee treatment. The way MyWork elimination handling and certain LOB specific layoffs during the various downturns over the decades are a close second.