Amalgamated Bank Sucks Customer Reviews and Feedback
Amalgamated Bank Sucks. Amalgamated Bank (NASDAQ: AMAL) is an American financial institution. It is the largest union-owned bank and one of the only unionized banks in the United States. Amalgamated Bank is currently majority-owned by Workers United, an SEIU Affiliate. Founded on April 14, 1923, by the Amalgamated Clothing Workers of America, As of June 30, 2015, Amalgamated Bank has nearly $4 billion in assets. Through its Institutional Asset Management and Custody Division, Amalgamated Bank is one of the leading providers of investment and trust services to Taft-Hartley plans in the United States. The bank oversees over $45 billion in investment advisory and custodial services.
In the late 2000s, Amalgamated Bank was at the center of a bitter controversy involving Service Employees International Union (SEIU) President Andy Stern and the leaders of the merged garment, textile, hotel, and restaurant employees union known as Unite Here.
Once you've gone through a year or two here, your tolerance for dysfunction, being underpaid, overworked, just goes to the next level. Everyone should know that having Amalgamated Bank on your resume is the ultimate Ph.D., post-residency, in the school of hard knocks. I don't regret working here because knowing what not to do has been a valuable asset of my skillset that has made me shine at my employers post-AB ever since.
A former Associate says Amalgamated Bank is a poor example of socially responsible business in a review posted by INDEED: "Employee Engagement and opportunities for internal promotions are rare. The bank prides itself on its connections to politically progressive groups but those political connections are obvious in its hiring practices. Executives bring in high-level VPs even creating new jobs and titles for them. This creates unnecessary bureaucracy and layers of management that don't really create any value for internal or external stakeholders. Hypocrisy - the bank loves to boast about its progressive values and its successes yet underneath many of these claims reveals a mediocre bank with a good marketing team. They raised their minimum wage to $20 an hour yet are closing branches left and right and laying off workers. Ultimately they save money, not to mention other banks have already done this. They recently IPO'd but instead of a direct offering, opted to pay millions of fees to large banks to underwrite the shares. Employees were not even granted stock options. The bank loves to proclaim its union ties and advocate for the workers yet is engaging in stock buybacks. Lack of follow-through - because of the high turnover, projects are constantly being implemented halfway and it is very common for the bank to lie to themselves and call something a success. Just a year ago, they marketed their online products heavily which were a good product - savings accounts that will give back to non-profits yet you can't even open a simple checking account online anymore. Management is a hit or miss. There are some great managers and leaders here yet I struck out. The CIO was extremely abusive, verbally, and emotionally. Like the grassroots organizations' accounts that you brag about holding money for, manage from the bottom up. Recognize the value of employees who do the day to day grunt work. You invest so many resources in bringing in consultants and new executives, but focusing those resources on internal employees for organic growth will pay off dividends. You have (had?) loyal employees who believe in the mission of this bank, but go unrewarded and unnoticed and not given the resources to become the best they can be."
Anonymous Employee (Current Employee) says"Pretty toxic work environment at corporate if you ask me. The only way to move up is to sleep with senior management. Lot's of yelling and racism. No raises, no bonuses, 2 week vacation. Lots of work and late hours due to high turnover. No 401k match. Cons: Pretty toxic work environment, Lot's of yelling and racism, No raises, no bonuses, 2 week vacation, Lots of work and late hours due to high turnover."
Retail Banker/Teller (Former Employee) says"There was no room for advancement this place made new rules any second they could. They constantly looked for ways to overwork you but tried to make themselves look like they are for the people. The way they advertise themselves is a hypocrisy to how their employees are treated in the branches. Complete joke to how you’ll feel valued as an employee or a person."
Assistant Branch Manager (Former Employee) says"The worst experience any professional can face working at this financial institution. They lack professionalism and compassion towards their employees."
Computer Operator (Former Employee) says"Gossipy company with bad management. There is zero room for growth unless you kiss some butt. If hired, you will be grossly unpaid so prepare your resume for your next company. Cons: The staff"
Collection/Recovery Manager (Former Employee) says"Self-centered, uneducated and unprofessional group! Harassed everyday because I was a male employee Cons: The senior management and Personnel Department have no interest in their employees"
Corporate Service Teller (Former Employee) says"The job process bail bonds and process lunch deposits. I learned alot about worked at a small bank Cons: n/a"
Associate (Current Employee) says"There are a lot. This bank is failing, half their branches were closed this year. They are down to 5 branches. The culture of management is to yell and scream and belittle people. There are no bonuses. Performances reviews only talk about the things that you didn't do, so they do not have to pay a bonus. There is no worklife balance due to the turnover. The turnover is very high and people don't stay long (check linkedin), There is a lot of turnover. There is no 401k match. Cons: half their branches were closed this year, The culture of management is to yell and scream and belittle people, There are no bonuses, Performances reviews only talk about the things that you didn't do, There is no worklife balance due to the turnover, The turnover is very high and people don't stay long (check linkedin), There is a lot of turnover, There is no 401k match"
Associate (Former Employee) says"when I first started there, it was a pleasure and not a job. the new senior management staff is out for the old mighty dollar and does not care for those good hard working loyal employees."
Associate (Former Employee) says"Once you've gone through a year or two here, your tolerance for dysfunction, being underpaid, overworked, just goes to the next level. Everyone should know that having Amalgamated Bank on your resume is the ultimate PhD, post residency, in the school of hard knocks. I don't regret working here because knowing what not to do has been a valuable asset of my skillset that has made me shine at my employers post-AB ever since."
Human Resources (Former Employee) says"Leadership is dishonest and have no sense of business direction. They play favorites and reward bad behavior. There’s a lack of transparency and no job security."
Record Keeping Manager (Former Employee) says"Busy work days Cons: poor benefit package, high staff turnover"
Human Resources Associate (Former Employee) says"amalgamated bank WAS a great place to work for however, in the last year it has been difficult and extremely stressful. Lack of direction and poor management and favoritism. I would not work for amalgamated if asked again nor would I bank with them. Cons: poor management, lack of direction, high turnaround no loyalty to dedicated employees who work lon hard hours and lack of appreciation."
Financial Services Rep (Former Employee) says"Management wow wow for a union shop the worst, no upward movement most folks have zero clue this was a shameful part in my life .. I am not kidding . Wow"
Branch Manager VP (Former Employee) says"This bank to me needs to take better care of the employees who give there all to this company and to me all rules do not apply for each worker. The communication between each department is not the greatest. They have let people go without warning of any problems and have lost a lot of good workers over a period of time."
Assistant Vice President/Branch Service Manager (Former Employee) says"This company is like a HS and very unprofessional. No internal promotions. They only hire externally. If you take a sick day, you receive attitude from management when you return to work. You’re spoken down to and there’s too much micro management."
Product Services/Implementation/ Billing (Current Employee) says"The bank does not include many women and has a small time all boys network. Cons: No followup or fair assessmnts of employees"
Manager (Current Employee) says"This Bank has gone through CEO's and other members at the C-suite like clockwork. They keep trying different strategies in a trial-and-error basis. One day they are opening branches all over the place, the next day they are closing them as fast. Lending products come and go. There does not seem to be any cohesive strategy. And it is not what you know, but who you know that gets you promoted. Cons: short-sighted management"
Analyst (Former Employee) says"Senior and Executive VPs are a rotating door. The Board of Directors seems to think we can just manage our way out of our problems. Senior and Executive VPs are constantly being brought in or being terminated to bring the bank in a newer direction. They're given ridiculous salaries and only to leave or be terminated in a year or so and the bank decides to try something else, blowing more money on salaries. Meanwhile the actual staff who actually do the real work are left being burned out, overworked and underpaid. Most people here just clock in and out to get through the day. Professional development and career advancement don't exist here unless you are coming from the union and know someone or another large bank. Forget about getting promoted internally. You will be managed by a senior or executive VP's college roommate. Whatever progressive values the bank tries to push to the public are not reflected within their own internal management and corporate culture. Any young and hungry talent walks out after a year max to pursue better opportunities; good, productive employees never stay. If you want an easy going job where you can just get through your work and still get a paycheck and don't mind the dysfunction, then step right up. Cons: Everything else"
HR Coordinator (Former Employee) says"The work culture is being shown to the public as being progressive, but that's not what happens when you start working there. Very old principals come into play and it is noticed right away that the morale of the employees are truly at an all-time low. It is automatically assumed that it's the managers, but that's not the case. The pressure comes from the CEO which brings a depressing culture. Cons: No 401k match, low morale, no work/life balance"
Administrative Receptionist (Current Employee) says"The hardest part of my work day was not having much to do. Everyone is pretty nice and quiet for the most part. Actually the workers look bored and walked around the office to look at what you're doing on your computer screen and comment on how you look like you have an easy job. Cons: Easy, boring, not learning"
Current Employee - Associate says"I have been working at Amalgamated Bank full-time for more than 3 years Cons: There are a lot. This bank is failing, half their branches were closed this year. They are down to 5 branches. The culture of management is to yell and scream and belittle people. There are no bonuses. Performances reviews only talk about the things that you didn't do, so they do not have to pay a bonus. There is no worklife balance due to the turnover. The turnover is very high and people don't stay long (check linkedin), There is a lot of turnover. There is no 401k match."
Former Employee - Management says"I worked at Amalgamated Bank full-time for less than a year Cons: Amalgamated is a terrible place to work. It’s run by a group of good old boys (and a few women but it’s pretty male dominated despite how the CEO likes to talk about women at the top—it's just for show.) Upper management makes decisions without considering how it will impact the ones implementing decisions. They see people as numbers and don’t care about them as people or happy employees. The CEO rewards his favorites well but it’s an opaque system where if you’re not a CEO favorite, which means a direct hire of his, then you won’t be rewarded or advance in your career as much. The CEO is extremely ego driven and doesn’t like hearing unfavorable opinions, so everyone shields him from the truth. For example if a project was a total disaster and went poorly, everyone will pretend it was a success to the CEO. Believe the other reviews where it says everyone talks badly about each other. The CEO even talks poorly of his own staff to other staff. People will backstab each other easily. The bank claims to have social values but it’s really just greenwashing. The majority of the employees that have been there a long time don’t really even know/care about the social mission and the bank does little to educate everyone about it."
Former Employee - First Vice President says"I worked at Amalgamated Bank full-time Cons: If you're not part of the good old boys inner circle, you're really overlooked, under compensated and disposable. They don't recognize and reward middle management talent and what they bring to the organization."
Former Employee - Anonymous Employee says"I worked at Amalgamated Bank full-time Cons: Believe in all the bad reviews you read here. It is really really really bad here. Such an awful and toxic work environment. And don't believe in anything CEO said in social media or at conferences. As other reviews have said, it's all smoke screen."
Current Employee - Anonymous Employee says"I have been working at Amalgamated Bank full-time Cons: Nepotism Cronyism Favoritism No training No 401k matching You'll have to live with "Amalgamated Bank" on your resume"
Former Employee - Anonymous Employee says"I worked at Amalgamated Bank full-time Cons: Political snake pit. They sell a "culture" that does not exist, more of a fairy talethat they are trying to chase."
Current Employee - Anonymous Employee says"I have been working at Amalgamated Bank full-time Cons: -leadership, lack of diversity in C-suite, no 401k match, no camaraderie, no career growth, HR, does not value feedback Amalgamated Bank is a great choice for those who want to coast through their work. Leadership and career development are nonexistent. Despite its "progressive values", this bank does not practice what it preaches. AB fires employees readily and frequently based on personality fit and nothing legitimate. Because of this, employees are not willing to help one another. HR is nonexistent and not there to support its employees. If you are not a former 1199/SEIU employee, white, or have a relationship with Keith from someplace else, good luck getting ahead. Many employees are deeply unhappy and just going through the motions to reach retirement and cash in on their pension. Leadership cannot accept criticism and because of this, they will never recognize the reality of their poor work culture, nor improve it. AB is by far the worst place I have ever been employed."
Senior Trust Administrator says"I have been working at Amalgamated Bank Cons: Dead end jobs to much politics"
Former Employee - Teller says"I worked at Amalgamated Bank full-time for more than 3 years Cons: No room for growth, poor decisions made my management, & low pay grade. Someone can start as a teller and have the knowledge & experience for the senior teller position. When the position is available and geyser posted all qualified employees can apply. The only qualification needed is that you were employed for at least 6 months. All applicants are then interviewed by the branch manager. Once that is step is completed the manager will make a decision. The position will then be given to the individual who has seniority over the individual who had the knowledge & experience."
Customer Service Representative says"I worked at Amalgamated Bank Cons: Since the new CEO has taken over, it is the worst place on earth to work, hr manager is incompetent and prejudice"
Kevin Porter says"Can't believe how poorly this bank has treated me. I read the glowing reviews, opened the checking account, deposited some money. Immediately(for no reason whatsoever), they closed the account and froze the funds. Do NOT trust this bank."
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In The News
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