Bank of America® management has had plenty of opportunities to let the world know how they feel about the necessary restructuring at the troubled bank — but what are the employees saying?

Just last week, Bank of America® announced 3,500 more layoffs — or to use CEO Brian Moynihan’s euphemism, reductions — only shortly after announcing a first round of 2,500 layoffs, as well as shoring up their foreign credit card businesses in Canada and Europe.

Today, as the bank’s stock is trading just above six dollars a share, its lowest levels since March of 2009, rumors are circulating that the total number of BofA layoffs might come to 10,000. Should it prove true, it will mean an additional 4,000 jobs cut from the 280,000 employee corporation.

Bank of America® Employees Saw It Coming

While the board of directors surely has a sense of where the fat will get trimmed from, the employees that make up the bulk of BofA’s operations likely do, too. For these perspectives, we can turn to, a job site that allows users to anonymously review their employers, by listing pros and cons and giving them a score of one through five.

On the site, Bank of America® ranks 53rd out of 146, among banking companies, with an average ranking of 3.2 — which makes the bank “OK” to work at, in glassdoor’s words. A tour of recent reviews shows a few trends in employee dissatisfaction, however.

Overall, most employees faulted BofA for their bumbling and bloated upper- and middle-management, the high turnover in management, the uncompetitive compensation packages, and a bad corporate culture that rewards networkers over hard workers.

Here’s what the employees are saying:

A Banking Center Manager who declined to state their location summed up the thrust of most negative reviews this way, “Politics, poor senior management. [When] you had poor senior management, hard work and dedication not respected, only brown nosing. Good company, but there are other companies that pay just as well, but treat people better.”

A Senior Vice President from Los Angeles echoed concerns about BofA’s management, “Way too bureaucratic [sic], too many meetings, there are a lot of people who don’t seem to add much value. Those people run around trying to present your work to senior management.”

Country Wide Acquisition Bad Move For BofA

Analysts have noted that Bank of America®’s acquisition of mortgage lender Countrywide has proven disastrous, with all the liabilities that a balance sheet full of thousands of subprime mortgages would entail. Employees on also provide some insight into how the acquisition has affected their workplace.

Here’s what the employees are saying:

An Account Executive from San Francisco writes, “The acquisition of [C]ountrywide created many problems in service and IT which resulted in 6 months of awful turn times and low pay for the 100% commissioned ae’s. It was clear that the former [BofA] management style and customer service went to crap once [Countrywide] was acquired.”

An employee from the Lending Department writes, “Get rid of everything Countrywide. That bank failed so why are you turning Bank of America® into “Bank of Countrywide”. Your employees are miserable. Every 2 out of 3 employees are secretly job hunting or hoping to get laid off. Have you watched Undercover Boss? You need to come and see how broken the systems and processes are.”

Perhaps Moynihan should take his/her advice when restructuring the company, and administering the necessary “reductions,” because it seems that employees have clued in to serious management issues at the bank, whose rapid growth could likely have led to the problems they have identified.

Did you enjoy this article? Yes No
Oops! What was wrong? Please let us know.

Ask a Question