Has anyone else noticed that the Bank of America guys are generally more dick-ish than any other bank on the Street? Genuinely have had back-to-back terrible experiences with this bank...was wondering if this was normal.
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Not surprising. That bank has become a cesspool for low talent and frustrated peeps. All the good ones have left so the only bankers left are bad performers who can't find another job and just keep sucking up the crappy bonuses there.
Couldn't agree more. We are working with a few banks atm and the drop in talent at BofA, especially at the VP / ED level was very very clear. All the good ones left to GS/JPM/MS/EB
Terrible bank with shitty leadership and two-faced nepos everywhere. Huge "old boys club" energy. I'm reminded of the one time at training I went for lunch with some bankers from another office, and they spent the whole lunch talking about how much their summer intern sucked (newsflash: it's on you to train them).
I had a phone screen with one of their recruiters about a CIB Credit Associate role. They were offering $110k base salary, recruiter was kind of smug about it. Comically below market, people taking those roles at BofA must not be that great.
What would you consider market?
JP matches IB. Citi is at a slight discount. TD matched IB. So $110k for an associate when the market is at $175k is a joke.
I work in GCIB at the bank, very cliquey culture and yes the culture tends to be sharp elbowed.
Pity they werent shap elbowed enough to get into a better bank
They are only sharp elbowed because they have so much free time to play politics, gossip, etc lol. Most of the VPs and ASOs I know at BofA barely work 40 hours a week. I left years ago. Everyone who is still there either has green card/visa issues or is OK with just coasting and collecting an easy paycheck
The culture is just rough overall… worked in IB there for 4+ years.
Most folks in IB there are risk averse for one reason or another. The bank paid horrid bonuses the past few years so most bankers with the social skills & abilities to leave are now gone. Most lateraled to other IBs.
Not a boys club - quite the opposite. Very DEI and international-friendly bank at the expense of US employees. If you disagree, look at the composition of the teams and tell me what you see. It’s funny they’re creating a whole separate accelerated MBA recruiting process to get US employees to come there… that’s how bad it’s gotten.
The bank made some poor strategic decisions during / right after Covid that they’re still unwinding. Poured money into low rate loans at the height of COVID, hindering profits across the bank. They also refuse to lay people off so there are hordes of zombies walking around dragging bonuses down… not to mention the EGRC debacle ballooning their middle market group without the pipeline in place to sustain those heads.
Rampant gossiping and complaining at the junior levels because the work isn’t allocated evenly and leadership is weak.
Deal flow is decent but has dropped off lately. People use brand and deal flow as the reason to go there, but if that’s what you value then do it right and go to GS, JP, MS. One junior who complained about pay while leaving was told the bank is adopting a “law partner model” and paying MDs above market and ASOs/VPs/Ds below market. If you’re not an MD they really squeeze you for every cent you’re worth.
Something needs to change there. They held their first investor day in 15 years and people left underwhelmed. Stock price has significantly lagged other big balance sheet banks the past 5 years.
Overall poorly run, somewhat toxic organization, at least in IB.
Firm leadership does not care about IB and does not give the division the resources and attention it deserves. IB leadership is getting paid and they don’t see any problems, so nothing is going to change.
I’ve worked at 3 investment banks. They all have issues but my worst experience by far was at BofA.
I would agree with almost everything here. The only thing I will note because it is funny and summarizes the bofa stink is that despite this bank saying they will pay MDs above market for the law partner model, its best MDs have all left the bank this past year so clearly what the bank thinks is above market is not. Every team across coverage and product has lost a significant portion of its rainmakers to rivals. The only group that has not lost anyone is their putrid middle market group because no one there can actually leave because no other bank will take them and bofa does not believe in firing poor performers even as the franchise reeks of turd.
Very true that they prioritize internationals for whatever reason. So many incompetent non Americans at the bank for no reason — culturally poorly assimilated, bad english skills, the whole nine yards.
Yeah and they all P sitting down as if not it would be all over their balls…
Del
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