McKinsey MBAs are getting hammered by extremely limited exit opportunities and thus the bank is flooded with middle/senior management from McKinsey who have never worked in banking ("networking" their way into the positions).
So, the company's only strategy is offshoring to India and M&A because you can move those initiatives forward without understanding how a bank works.
If you need a job, it's a job.
I joined after working at a Manhattan based bank. I've been on many different teams during my time here. What keeps me excited is the work and the people. The people are all great, and it may be because of how many are based in the midwest. The real gripe with this company is higher at the top, and especially with RTO.
People I know that work in Impact Finance like it.
Keep looking.
Save yourself
I'm a manager and I'm telling you,
Run, run far away
If you’re fine receiving no raise, sharing filthy desks and sitting at those shared desks 8 hrs a day about 4 days a week then be my guests. Hubs are disgusting and desk sharing is gross.
@OP USB treats employees and customers horrible. Stay as far away as possible, everyone is trying to escape, there are zero happy employees anywhere. Leadership at the top and middle are only looking out for themselves and their comp. They will throw you and your team under the bus as soon as they need to. Leadership takes credit for everything good and blames their employees for everything bad.
I work in Compliance (FaRB) and really enjoy the work and value my teammates. No complaints here.
As someone in Impact Finance, the group is great! The bank, not so much.
Read the reviews this place under current rule hates the employees. Expect no raises or very minimal if you do get them. Bad upper management causing havoc.
Pros- most of the people here are awesome, benefits are good, pretty flexible (60% of time in the office is rare in the banking industry right now)
Cons- alot of folks don't like the amount of tracking. IP tracking, sapience (productivity monitoring)
I'm in WCIBO. I enjoy my job. If you have a good work ethic and you are going to actually work when you are supposed to, I would go for it. Otherwise, if you are looking for a job where you can sit back and do thing most of the time, this place isn't for.
The company tends to also move and react very slowly. The impact finance department used to be called something else and was a relatively big focus for the bank (punched above its weight) particularly because of the tax credit equity economics. Those I think have shifted but the group has gotten much more bloated to my observation. So I would be concerned about big changes once they realize that.
This company treats its employees worst than fast food employees. Let me rephrase worst than fast food drive thru employees. Crystal the manager that used that reference and thought it was a good analogy. Goes to show what mo--ns are managing this company.
Congrats on the job offer! Strange place to come for advice but… ok.
@a5 this is accurate. Most of the good talent is biding their time waiting for the employment market to shift a bit, and after that USB will likely see a mass exodus of their talent.
The only draw we have right now is that we're one of the few places that still has a "hybrid" work model. However, that's slowly being encroached on/micromanaged to sh-t and within the next few years I foresee us full time in-office with very little remote work flexibility. They're pretty bent on turning the clock back the 2010s with the office rat race. It worked then, because everyone was in-office. Now we've got 30k remote employees and because they diversified and expanded our hiring to outside our physical footprint after 2013-2014 so teams became scattered purely because we couldn't hire talent in our physical locations. The walking back of the remote model in favor of office for "collaboration" is d-mb because the entry level positions are all being offshored, so there's no real experience to be gained for people starting out like there used to be. A lot of people in hubs are tenured and literally are showing up to check a box on HR's list to baseline stay employed. The most people collaborate is to bi--h about how much they hate it here, as a general theme.
Getting worse by the day. Used to love it here now I dread it
Stay far away. McKinsey runs the place. This means poor client experience, terrible employee experience. Don’t expect to ever get a raise. The only people who get paid are the Management Committee and consultants. The systems are antiquated, office space is dirty, you are stuck in hoteling and not allowed a trash can. The kitchens are filthy and unstocked. Worst of all is the layer upon layer of inept middle management who’s sole purpose is the manage up and sc--w down expenses. Many of them manage 4 or fewer so they have nothing else to do but make their reports miserable. I would honestly rather starve than go back to that place. And I was a senior vice president!
Given the changes I've witnessed given the choice again & knowing what I do now, I would have held-off on joining this company. If you have a job here you're likely just holding-out for macro-economic conditions to improve & keeping ears open on recruiters. Nothing I can add to other posters than that they are fully accurate.
There was a time when it was actually a pretty good place to work. That time is over. It's pretty brutal at the moment, morale is in the toilet, fairly constant layoffs, very little long-term career opportunities, and pay isn't increasing at all. Now we're back in the office without our own workspaces being monitored by HR, regardless of level.
The culture here is trash, tbh.
Things to expect: not to be paid by performance. They've essentially frozen wages. Our facilities (offices) are generally disgusting. Bed bugs are a problem in most hubs. Our top down management is toxic. This place is run by consultants. There are rolling monthly layoffs, so don't expect job security.
People are expenses and not valued. If you accept, go into it with eyes wide open and use it as a skill builder and GTFO after a few years.