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NOT the company it used to be to work for..

VP-Technology
Current Employee
Has worked at Bank of America for less than 1 year
May 5, 2022
3.0
Neutral OutlookApproves of CEO
Pros

Job security, good tuition reimbursement ($5,250), and health insurance are free under $50k a year (for an individual).

Cons

No path for advancement (it's who you know). They only offer a 5% 401K match, while other banks offer a 6% match.

Bonuses are a joke unless you are a Band 3 or 4, and again, it's who you know. Other banks offer bonuses from 8% to even 25% (yes, Wells does that!), while BofA offers a 1% bonus if you're a Band 6. The most I'd ever received (with an 'exceeds' rating) was $8k.

The more you make, the more you pay for your health insurance. You end up paying more almost every year (they did stay flat for a while) if you're over $70k in salary. Cost of living increases get passed on to you, and there goes your 2% raise if you're lucky to get it.

Advice to Management

Live the bank values, embrace them, and stop giving them lip service only. Everyone loves Moynihan, but he has no clue what life is like for 90% of the bottom of his company and how toxic things have become in his organization. Diversity is lip service only in most areas. It is who you know, not what you know. It's not the hard work, unless you're working for an amazing manager. Most of the 'good ones' left the bank already.

Additional Ratings

Work/Life Balance
3.0
Culture and Values
4.0
Diversity, Equity, and Inclusion
3.0
Career Opportunities
5.0
Compensation and Benefits
4.0
Senior Management
2.0

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