CIBC
3.8 out of 5 stars.
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CIBC Employee Review

Senior Management is out of touch

1.0
Job work-life balance
Salary/Benefits
Job security/advancement
Management
Job culture
17 February 2020
Local management in my area is great, but senior management is out of touch. Here are some pros and cons. Cons: - lower pay than other banks - there is an attitude at all levels of the bank to "get lost of you don't like it here" - external hires are always paid more than existing staff - EXTREMELY glitchy, poorly designed and antiquated computer systems - terrible business banking team and products (dead-last among Canadian Banks) - constant cuts to "non-productive" support/service roles with tellers and associate/assistants - lack of tenured/knowledgeable staff - constant "gaming" by sales staff to inflate their sales numbers (no one is measured by the same standards) - poor culture that promotes mediocrity and underpays the most talented staff (this is done in a number of ways, primarily bonuses, pay structure and incentive programs) - fewer and fewer teller hours are available (many branches frequently operate with a single teller and no lunch coverage) - lots of inefficiencies with internal systems (for example, mortgage assumptions are done on PAPER and MAILED to head office, all RIFF GIC renewals are done via a manual form that gets processed several days later by the back office, mortgage documents are printed and assembled manually by the lender often taking 30+ minutes, the only way to inquire about a transaction is to order the original paper receipt, among other things). - employees are not valued and are treated like they are expendable (because they are) - client statements are not consolidated in one place (you may have to go to 3-4 different programs - more...
Ratings by category
5.0Work/Life Balance
2.0Salary/Benefits
4.0Job security/advancement
5.0Management
5.0Culture
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Financial Services Representative (Former Employee) - Victoria, BC
Corp-speak is that CIBC no longer has managers, only leaders. However, leaders are notoriously rare; managers are ubiquitous. I had one leader in the years I worked there; all the rest were managers. Just one example of the difference. The leader to whom I referred would stop, no matter how busy he/she was to ask, and meant it, how are you doing? Can I help? Managers only stop to berate; leaders stop because they care.Hypocrisy. It is said that CIBC cares for its clients, deeply. However ‘caring’ only extends to how many $$ you are worth. For example, the time one must spend to help elderly people who are confused, persons who are angry or the time to input data about POAs and estates (and other such necessary work) is not countable in the numbers BECAUSE THEY DO NOT MAKE REVENUE. The longer a manager has been away from the computer-driven work-life being done by those they say they are leading, the further their knowledge deficit grows. Their narrowed knowledge then allows them to justify piling up workloads on the basis of alleged scientific metrics. And their bonuses and much higher wages encourage them as managers, not leaders.
Pros
benefits: once you retire, if you or your spouse get critically ill or die before retirement
Cons
Many managers, few leaders.
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  1. Senior Management is out of touch