Us Trust Sucks Customer Reviews and Feedback
Bank of America Private Bank (formerly U.S. Trust) was founded in 1853 as the United States Trust Company of New York. It operated independently until 2000, when it was acquired by Charles Schwab, and Co. and subsequently sold to, and became a subsidiary of, Bank of America in 2007. U.S. Trust provides investment management, wealth structuring, and credit and lending services to clients.
An angry customer said this on Yelp "Avoid US Trust! This group is the most complacent, ethically compromised, double-dipping, half-the-story-telling, obfuscating, lackadaisical, condescending, sluggish, and substandard group I have ever dealt with. You are way better off just going to a "discount broker" with an online platform that you control on your timeline, and buying a few mutual funds and ETFs. For example, Scottrade was EXTREMELY good at being helpful and available, and educating me on their platform and investing in general. They didn't always have the information, but unlike US Trust they were NEVER misleading, and NEVER told half truths. The ONLY reason they are getting two stars instead of one is because some of the people were nice and helpful, albeit in a limited fashion. The problem is they are beholden to large corporate interests, ie. Bank of America, hence the conflict of interest. Oh, and if you fire them they will take literally months to transfer your account out, making every excuse as to why delays are happening. I stand by my First Amendment right to say that Bank of America SUCKS!".
Current Employee - Portfolio Management Assistant says"The pay is terrible and raises are not guaranteed no matter how long you have been at the company. Your manager will have no idea what you do all day and will manage accordingly. They set your priorities without having any idea what is involved or how it affects your job. If you are not doing things exactly the way management wants you to, there will be backlash even if doing things management's way would cause a number of different issues. Internal compliance seems to be the most important aspect of this job even when it is a huge inconvenience to the client. Client experience does not matter to management as long as the PMA is responsible for the constant outreach and badgering of the client."
Former Employee - Institutional Investment Specialist says"Absolute worst pay in the industry. Do not accept a job here; it will impede your ability to interview at better firms"
Former Employee - Portfolio Manager says"Politics galore. Don't expect to move up the ranks. Bonus pools are pretty subjective. I didn't get bonuses for above benchmark annual performance. It's quite ironic, for a fiduciary business."
Former Employee - Private Banker says"Culture in the NJ offices is absolutely toxic - stay away. Management encourages the infighting."
Former Employee - Anonymous Employee says"Despite margins of 40%+, this place does not pay well. One is better off working at JPM or GS as both these firms have far better products, better infrastructure and better pay. Heck even Merrill Wealth Management side pays better"
Former Employee - Anonymous Employee says"Too many middle management positions held by unqualified associates (lacking college degrees, licensing, etc) Management/Supervisory positions held by associates that are incompetent, play favoritism, and do not treat admin staff equally. Lack of reward/raises/bonuses regardless of hard work and excellent job performance."
Former Employee - Investment Analyst says"Incompetent mgmt and BofA culture have poisoned U.S. Trust. Behaving more like Merrill Lynch than a private bank."
Former Employee - Anonymous Employee says"The opposite of a meritocracy - compensation, promotions, and responsibilities are based entirely on seniority. Antiquated firm slow in adapting to modernity."
Former Employee - Anonymous Employee says"Toxic work environment with inefficient managers. The entire company sees this role as the bottom of the barrel. Only take this job if you need the paycheck. If you are looking for any kind of career development or a place where you will be treated like a human being, look elsewhere. Oh, and the pay is not competitive with other competitors. Shop around before you accept an offer here."
Current Employee - Trust Administrative Officer says"Horrible, toxic working environment. They give terrible bonuses and feedback. No room for growth. Treat employees horrible and clients too behind their back. Management rarely has answers when it comes to stuff they should be "specialized in." I don't think US Trust will be around much longer. They have terrible performance ratings."
GWIM Summer Analyst (Former Employee) says"Good team and very kind culture Not the best place for advancement, they usually hire in talent Part of a large company with alot of resources Would recommend if you just want a 9-5Good company, good cultureNot designed for ambitious people, probably not the best place to start"
Lead Imaging Specialist/Administration (Former Employee) says"When I started here the bank was still U.S Trust and the banking center was at 9-11 53rd street, two beautiful townhouses merged together for an elegant banking experience. I feel in love with the opportunity to have met so many affluent people who were so generous with life advice. Who knew??? Once acquired by BoA and we had to move into an awful building on 47th st. everything changed and so did I. Get time there but not for me.Met some awesome peopleFinance"
Intern (Former Employee) says"US Trust has a competitive pay structure for junior talent, but the culture is extremely dated and sleepy. Need to advance junior talent to management positions."