CIBC Pay & benefits reviews
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Great place to grow and develop as a young professional; works with very notable, high profile, and reputable Canadian clients . Very team-oriented culture. Management open and very approachable — both with respect to day-to-day operations and with to long-term growth initiatives.
Work atmosphere is great, co-workers were great to work with willing to help. The help desk was a knowledgeable staff and helped as best they could. clients were great. Management understands that you have an outside life and is willing to work aroundcommements.th
Pros
Profit sharing, health benefits
Cons
Upset clients, can be stressful
CIBC has been the worst place to work at. Especially their department called Client Account Management (CAM) at 750 Lawerence W. Extreme Favouritism and not a single team building activity. Managers and higher management go out together after work, so if you ever feel that you're being treated unfairly, no point in speaking out because "NO ONE CARES". They will find something wrong against you sooner or later, so if you are not in their good books, then it doesn't matter how you perform. You will always be treated unfairly. Managers have no team skill, they promote people who they like and it has nothing to do with your performance. The worst corporate culture ever. This is for CAM department only, not sure about other places.
Pros
Benefits, unpaid vacation days
Cons
Worst Management, Toxic Culture
Good company to work for. Negotiate strong and hard for a good salary upfront that you will be happy with for at least a couple of years. They start low but can go higher, do not accept “you are the highest in a range”. it is very difficult to increase salary once in a position. Ask upfront what the salary range is.
Pros
Free banking and good employee mortgage rates
Cons
Many layers to navigate
Awesome culture and very involved team. Great place to learn how the bank run in Canada. A lot interaction cross team. Very repetitive task all day long.
Pros
Free drinks, 1 hour break, friendly coworker
Cons
No free parking, No paid overtime, high volume target, favouritism toward Indian race, poor training
Give it asecond thought.too much sales pressure with poor training. Unrealistic targets and goals.The pay and benefits do not worth all the pressure. Managers bully you if you can’t meet your targets and favouritism rules.
Let me be perfectly clear on this review, I am not here to bash a company or talk bad about it. It was a wonderful first experience and I have wonderful memories only because I had a wonderful Team (co workers) in which I could rely on and a great progress leader. At the end, the end of progress or follow up, the endless critics on some mistake you have done with no gratitude for the great work you are doing ended making my stay a h3ll. The progress leader with no much experience was a problem when you needed help. The overwhelming work of the Team leaders. At the end of the day, administration and PR and HR was a disaster. but others had a great time over there after some changes. I highly recommend this is ever you apply. A corporation is a corporation (they want perfection and results). so keep this in mind and always keep your mental health check.
Pros
great benefits
Cons
hard calls, hours
I work in a very nice branch located in a small town. So not a lot pressure on sales. Managers are not pushy and very reasonable person.Salary of retail banking is not competitive.
Everything is based on targets and you're not looked as a person with feelings. They make you work like robots by making 20 calls per hour and then want you to bring a personal touch to each call and do everything perfectly. Micromanagement to the core and even washroom breaks are being monitored and they will call you out on everything from washroom breaks to any personal break you take for yourself.
Pros
Benefits
Cons
Too much focus on targets
Working for cibc is easy. Most departments have good leadership team snd within the teams small different culture exhibits..work life balance is not that high may be our salary range is not competitive
Pros
Lots of team events
Cons
Work life balance
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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.
I had worked with CIBC for close to 6 years. All this time thinking that this was the best place to work and grow. I slowly started realizing just how cheap and unfair this company is. Working at the call center was stressful as it is. So, i moved to the branch a year later. Branch was no good either. With DVP's changing all the time, and new policies coming in place every other month, it was a lot to keep up with. Because of rising expenses, the company decided to kick a lot of people, took control of basic branch expenses, took away the coffee that was being serves to the customers. If a customer came in asking for water, we would have to run to the manager asking for a cup, as they would hide it in their drawers and lock them away. Customer are not people for the big banks they are just numbers. This would be same for all banks just that the intensity of selling things would be different. As sad as it is, people think that working for a bank would be a privilege but in reality it felt nothing less than working as a car salesman to me. We were practically forced to sell sell and re-sell to the same customers if needed. The basic trend is to offer the customer a credit card, once they overuse the card, offer the customer a line of credit. If the customer overuses the line of credit, then offer them a loan. This is a good enough tactic to anchor the customer to that particular bank. Why would you switch banks if you think your bank is doing so much for you.About work ethics and being respected at workplace, dont keep your expectation high. Even if you get a good manager, - more...
Pros
Benefits, mostly helpful co-workers and reliable support staff over the phone. salary, paid and unpaid vacation
Cons
Unpaid long hours to finish outstanding work, worst management, car salesman like feel, lack of freedom and creativity and many more already mentioned.
Colleagues are all very nice.However, the management team really sucks... lack of leadership and micromanage. During the COVID-19, they refuse to install the glass board in each office because they said its too expensive. So hilarious!They prohibit you to call personal day even you provide a valid reason. Very uncompetitive compensation compare to other FI.Only love to provide good compensation to employees from competitors or even new graduates and treat extremely unfair to their existing employees...Didn't provide 2-week pay when you resign but they walk you out immediately, even banks not in the big five will give that pay. What a shame!
Pros
Colleagues are all nice
Cons
Everything except colleague
CIBC has poor leadership; they have limited understanding of the needs of their staff and it is not a priority to rectify the deficiency. This makes it difficult to help your employees become self-actualized. A large percentage of the leadership simply lack the EQ to perform this task or even understand it. There are some decent leaders, but not all employees may experience this, as the middling performers tend to be ignored rather than encouraged to improve. The bank prefers fealty (sycophants) over performance. You could work 60 hours a week or 30 hours a week and get the same rating, as employee performance measurement is more about ticking the box, than evaluating the employee or helping them grow. Similarly, the yearly leadership rating system, ESAT is not effective. If you are one of the chosen you could have multiple poor ESAT scores and live to underperform another year. Conversely if you are a good leader, but someone dislikes you, you are likely to be shunned. There is also no screening of new people managers, training courses can only help so much, when you do not offer the compensation to attract good talent. Do not expect HR to help the employee, they are there to do management’s bidding and bury it deep. The quality of the staff is quite disparate, those who have decent skills may get promoted, but it is more likely that they will be under appreciated and leave. This is largely a function of the leadership issues outlined above, but the performance rating also plays a role in this problem. The under performers are paid the same or more as the hard-working talent. - more...
Pros
Working from home
Cons
Poor management
Too much favoritism and you need to boss's favorite pet to get raise or bonus , hiring process is fix they know whom to hire and fire, mamager only hire people from his own community
Pros
Nothing
Cons
Too much pressure and under paid
Unprofessional behaviour of manager. You’re treated well when you suck up to the managers. Manager rude to and in front of clients. Even some csr’s show pouty faces to clients but no one is there to correct the behaviour. Colleagues act like they’re your friends but they backstab you the minute your back is turned to them. Partisan behaviour.
Pros
Some Benefits
Cons
Fast paced. Low pay. High stress.
Has flexibility in work, with good work life balance, good employee benefits and banking offers. Fast paced work environment, room for growth and learning, good reward and recognition programs.
Good job, nice work environment. Nice work life balance. Never take the job home with you. Lots of pressure to sell products to people even if they don’t need them.
Pros
Great hours and benefits
Cons
Sales pressure and low pay when I was there
It is important that your manager likes you. If management does not want you to succeed, you will fail. A lot of complains from clients about shortage of tellers and about high turnover of Financial Service Representatives. Overtime is not paid but you have to come to work early and leave later to do paperwork
Pros
Good benefits, employee sharing plan, experience
Cons
Overtime not paid, big push for sales, cold calls, difficult to get a personal day even if you are sick
I personally enjoyed working here. The company culture is decent. The training is lengthy, and you better pay attention to the products if you want to do well on the floor. Learn about interest rates and you'll be fine bc that will be a daily question from Cxs. One thing I don't miss is being yelled at/belittled on the phone and having to take it (unless they call you a derogatory name you must stay connected). If you don't have thick skin, this job is not for you!
Pros
Great benefits, Their training is on point, Team Leads are helpful, Not a toxic environment, Free lunches some nights.
Cons
The push for quotas brings on daily pressure, There's competition to advance, Small room for error (it's a bank!), Parking is unavailable, You have to go on a long waiting list that goes by seniority to get a parking spot
Just do your job. People around are good. Flexibility at work and place to grow. Pay rates are competitive. Good perks. Proximity to public transport etc etc.
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