The bank is undergoing central bank audits that are not going well. As a result, they will have to increase capital. There has been a hiring freeze in credit for a year - meaning they don't actually plan to grow the total book. However, the mandate to all groups going in to 2013 was to grow aggressively, and the lenders' loan goals were doubled. The units with which I was associated exceeded their goals, and all the new loans were performing, with existing portfolio delinquencies being reduced dramatically. However, with the coming increase in capital requirements, all that loan growth is now a negative. Think about that- you are given goals, you exceed them, and then suddenly success becomes failure as far as the bank is concerned. This is being blamed on anyone associated with the loan growth, rather than on the people who calculated the reserves or directed the staff in the field to grow the book. Instead of saying "oops, we goofed by not reserving enough against still-NPL residential mortgages in Europe, and now we have to backtrack in the US," it's "why did you grow the book so fast in the US?" when the answer is "because that was what you directed."
The future reduction in lending will be spun as "being more conservative," but US past-dues were next to zero at year-end - it's a simple matter of not having the capital to lend, much in the way Spinal Tap's band manager explained "our appeal is becoming more selective."
I would not recommend this place to anyone.
The bank is also highly disorganized, and very penny-wise / pound-foolish. For example, the loan documents more... are laser-pro and completed by very junior admin staff in Pennsylvania. This results in lower budgeted costs but ends up costing more money in workarounds, serial doc exceptions, errors in UCC filings and in lenders and team leaders having to QC the docs multiple times.
One positive is the environmental review department. Though understaffed they are very thorough and deliver reviews in a reasonable amount of time. less
when people quit or are let go they package the increased work for everyone else as a "promotion"
management is disorganized, short-sighted and does not hold itself accountable for poor planning