I hear both of these places are awful.
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For what it is worth I worked at Bank of America and Wells Fargo, over many years, as both a contractor and an internal employee. There were many jobs at Bank of America that were great, and then there were a couple that were not good. Overall, I would say that I am MUCH happier working at Wells Fargo than at Bank of America. Wells Fargo has a nice culture, nice people, the Management is "understanding" and "flexible" as to the situation currently occurring.
Both companies suck
ALL the major financial firms are doing the exact same things with agile rollout thinking because it work in the digital space it works everywhere. There are hundreds of failed agile rollouts documented. At WF you couldn't get funding unless you had these grand undefined projects with manufactured benefits so everything became "too big for success". Many examples of huge failures and critical development to stay current put aside. Iterative development, thinking big, planning small, and growing is needed. Is that Agile with all of it's process and systemic changes or is it just thinking and planning differently? I have worked at BOA and WFC and BOA is about two years ahead of WFC. They are now realizing that India and Agile are not the end all. Some consultant somewhere is getting rich telling banks they have to be more like FIntech firms. In some respects yes but not the whole bank or even all of technology. Chuckles and his minions are just spreading the gospel from firm to firm
Both are huge companies with decades of technical and business debt that can't easily change. Leadership, fiefdom, factions over the past few decades have caused all sorts of issues and inefficiencies. And of course there are many scenarios, moreso now I think, where person X thinks they own something -- yet person y and z also think they own it.
re: comments about fintechs-- the fintechs don't necessarily have all the baggage that big banks do. So they can do things that Wells can't or won't do. And throw in things like regs and consent order stuff and it's even more complex.
There's def a huge changing of the guard taking place -- lots of external hires bringing in their buds from where they worked before and plenty of "old guard" Wells people being shown the door. I've run into some pretty good people, but I've also seen some pretty horrible new leaders that show up to a call and don't know jack sh*t about something they supposedly own. and yeah, I've also heard the perception that in many cases we're getting the B and C team b/c the A team is still at BofA or JPMC
@1ith+1dqlFprR
Tech should run them, or we will get beat out by AI that handles millions of clients at a time for our competitors. The high value isn't in clients who want face to face, its in the sheer number of people who do things digitally. Fintech knows this and is taking that ball and running with it. Its profitable too, even though many of those venture are more risky without FDIC backing...but customers are still flocking that direction because banks cannot keep up.
You can't let tech run it unsupervise because most of them don't even know what a client is or how to serve them. They might as well be a third party company
Many banks are. Banks need to realize that unless they let tech drive them - without interference from other execs that think they know better or who think the old ways of doing things are right - they will continue to lose out to fintech and crypto. But they keep employing these 'old school' execs that think we should continue to do business as usual, so they can make their millions and cash out in 10 years when the banks are failing because they couldn't keep up with a changing world.
I would say BofA is worse...
look at this gem..they are terminating their staff soon who do not disclose (RTO is 5x a week). Who the heck wants to work for this company??
https://twitter.com/freedom92141930/status/1451385732946407424?s=21
@1piy+1dqlFprR Saul did this in tech at the end of 2019. Gosub. It,, wasn't a good look here, either.
Nothing new under the sun.
The techies I work with in Charlotte consider B of A a bigger trash fire. Their compensation is not great. They also randomly slashed pay of the contractors already working there which doesn’t affect employees but it wasn’t a great look.
I mean they are both big banks. All big banks are the same. Plenty of politics, empire building, egos, etc. to deal with
But also some really good talented people and the rewards can be lucrative if you are smart about which area of the bank you work in
All the management they fired here went over to that dumpster and light that bi--h up.
I’ve worked at both. Both are equally dumpster fires. The public has a better image of BOA. Both are cr-p to work for. IMO
I don't know about BofA, but I was looking to apply for a job at another FI and read their reviews on glassdoor.
It was like I was reading the EXACT same complaints about WF. If I didn't know the company I would have guessed it was WF. It seems they are going through the same agile and security transformations that we are, with the same pain points and headaches.
I decided not to apply because it looked like I'd be trading one set of problems for the same set of problems, but starting all over again. MAYBE higher pay but that wouldn't be worth it.
I heard tech is affected