Why Banks Suck Big time

[Yuri]

Here is a tale as to why Banks in Canada Suck & Generally treat Employess as Shit/Bait/Meat on the Hoof.

Just got hired on to a Canandian Chartered Bank as a Mortgage Specialist. Conditions to job were to buy, out of my pocket related business operating expenses (ie cell phone, up-grading to computer, pager, set up home office etc.....total cost about $1,000, out of my own pocket (they do not re-imburse costs) and job is commission only.....that sounds pretty much the norm in Corporate Canada-Employee pays own costs to secure a job).

Anyway bank hasn't had the decency to even provide me with Business Cards and 2nd day into job (whatever happened to a training period, I would think at least 1-2 weeks) and my area General Manager e-mailed me wanting to know why I haven't delivered any new Business revenue...Holy Fuck 2 days into new job and this guy is on my case to swings deals for banking revenue monies even though in return they do not pay at least a minimum wage rate......these Banks are just a bunch of "Greedy Pigs".......

 

[Mr. Downtown]

Sounds like you work for HLC.

 

[Keyser Soze]

To quote the Nobel Prize winning economist Milton Friedman:
"money is too important to be left in the hands of bankers"

 

[Matador]

I quit & never looked back

Yuri,

I was a Branch Manager & then a Loans Manager @ a couple of the big 5 banks.

I quit in 1991. I was tired of making them money and only getting a nominal raise each year.

I became an independant financial advisor in 1991 and never looked back.

I can do mortgages, investments, RRSP's, GIC's, insurance, investment loans, etc...

You make more money when you can help clients in different ways.

Good luck.

 

[The Doctor]

Yuri-

Unfortunately the costs are part of doing the job. You're a commissioned salesperson and can write it off down the road, but its not much consolation now. I am close to someone who has just finished negotiating mortgage specialist roles with two of the banks and is quite happy with the choice they made. Computers (laptops) should be supplied based on bank specs but if you are an experienced sales person your business requirements/preferences will be different from someone else i.e. high speed access, cell phones, fax machines, personal websites etc. Most of the big banks are paying nominal salaries spread out over the first 4-6 months to help cover start-up expenses until you start seeing revenues from your deal-flow.

If the GM is all over you about new business revenue after two days on the job (with no business cards) then there is a problem with the manager. You should be generating contacts but Mtgs can take anywhere from 30 days to 18 months to close depending on the deal and the manager knows this (the main reason why the offer nominal salaries). He may just be trying a little to hard to motivate you and get you hungry, but he can really be expecting revenue from new business already.

Because of the comp structure, there doesn't seem to be much of a training program these days and you are on your own to learn the products yourself (helps if you have a lending background or at least know what TDS is). Use the internal resources (websites and branch staff) and most importantly your peers to get going quickly and learn the tricks.

Big banks are easy targets for anyone with a beef these days. I don't work for a bank now, but I've been management on both sides and there are benefits to both. Being independent can be great, but start-up can be even tougher and you give up potentially easy initial deal flow from the bank's branches if you are new to the business.

Keep your chin-up Yuri. Banks don't hand anything to you anymore, especially for commissioned roles, but it can be a worthwhile learning experience. PM me if I can be of assistance.

Doc

 

[Chukit]

Good to hear you at least got settled. Get a bit of a base started, and keep your eye out for better opportunities.

 

[thecoolguyms72]

Cut your teeth at the banks, then move out and become independent. Good formula, and most good advisors on either the credit or deposit side will do this.

Coolguy.

P.S. I'm not going to bash the banks, they have their right to make money, it's usually over eager middle managers that are the fuck ups.