Sovereign Bank Salaries, Bonuses and Benefits.

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What are the average starting salaries, bonuses, benefits and travel requirements like at Sovereign Bank?

What do you like best about working at Sovereign Bank? Are there any great perks or special treats for employees?

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Kay Oleson in Nashua, New Hampshire

81 months ago

Host said: What are the average starting salaries, bonuses, benefits and travel requirements like at Sovereign Bank?

What do you like best about working at Sovereign Bank? Are there any great perks or special treats for employees?

I recently interviewed for the Business Development position. Starting Salary was 45K with some incentives. Attire is Business at all times, they made reference to wearing business suits. Seems like a great atmosphere to work in. Looking forward to second interview

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SOVtoSAN in Bristol, Connecticut

53 months ago

I believe Sovereign (now part of Banco Santander) goes for someone who is somewhat qualified, or under qualified for any given position. At least that is what they are willing to pay – on the low range of what the market is paying for any given position. However, the actual pay scales and top number on the pay scale are reasonably competitive – in other words, if there is an offer on the table, it will be a major lowball.

So, of you are desperate enough to want to work for Sovereign, you can play your cards right, make a counteroffer, and secure a decent starting salary.

Bonuses are advertised, but probably will not make a statistically significant part of your compensation package. Sovereign is just ramping up sales-oriented culture, so the only performance metric they really care about right now is attendance (and it doesn’t qualify you for a bonus). The emphasis on sales is increasing, but the bonus structure is just not catching up.

Benefits are thin, but adequate. During 2009/2010 there were major benefit reductions due to cost cutting measures. Until the bank starts making money again (scheduled for 2011) I don’t anticipate the benefit cuts to stop.

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SOVtoSAN in Bristol, Connecticut

53 months ago

Q: What do you like best about working at Sovereign Bank?

A: Despite plenty of red flags I was attracted to, then Sovereign proper, by the talk about the impending sale to Banco Santander. The transaction closed in January 2009. However, the backward corporate culture of Sovereign and all predecessor banks is alive and well. Sovereign is stuck in the 80’s. Top- and middle- managers reminisce about time 20-30 years ago then they were kids in their 20’s getting drunk every night, going to work wasted in the morning – no care in the world. So the same people now, having run the bank in to the ground are looking to those good old days for the solutions to the current crisis. Only the industry moved along during the last 20 years, and whatever might have worked back then is not going to work now.

Specifically, Sovereign discourages decision-making, initiative, ownership, accountability – all that makes me want to go to work and to look forward to upcoming challenges. Instead the only thing I was accountable for was attendance. As long as I was present at work, it was assumed I was doing something.

While writing this I really did pause for 8-10 minutes to try to remember what I did like about working for Sovereign. I really don’t have anything positive to say. I guess I liked paycheck coming in every two weeks on a Friday, but even that didn’t hold me there.

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