I understand that each branch of People's United has a Customer Service Manager & a Financial Services Manager (rather than just one "Branch Manager").. Some of whom have the title Assistant Vice President.
Of the CSM and FSM positions, which is considered to be a higher-level position?
From reading the job description, is "Customer Service Manager" simply a different name for what is traditionally a Head Teller, or are there additional duties to this position?
People hired at PBCT, especially in supermarkets, are glorified assistant managers. They start out making approximately 40k a year, still end up reporting to a "district manager," and are forced to do teller work sometimes. They used to have assistant manager positions, but eliminated this title years and years ago because they did not want the customers to feel like they needed to repeatedly be bumped up to the top in a situation where a problem needs to be resolved. You will, on occasion, see an assistant manager who was grandfathered in and they don't consider good enough to give a CSM title, which is pathetic, considering it's the same responsibilities. FSM is not that much of a step up. FSMs and CSMs are considered same level, but FSM is seen as having a better grasp on investments due to the licenses they may carry. All branch managers have to get license training, along with a routine 6-7 month development program. It's a lot of work, especially for the pay that you get, which is downright offensive. Until you have a branch, and an AVP or VP title, chances are you were promoted from within and hired with a salary at the bottom of the tier.
Want to know why? Go to the FDIC website and look up "SOD" or "Summary Of Deposits," pick any branch that is a grocery store, and you will notice those branches rarely carry much of a balance. Compared to traditional branches, which have 50mm+, these supermarket branches are seen having as little as 11mm+, because frankly, people go to supermarkets to cash checks, not deposit money. Therefore, how can you expect them to pay high salaries with this? They cost cut left and right, often at the expense of the employees. I worked there years ago taking mortgage and home equity apps, opening business accounts, doing maintenance, auditing, balancing, all of the above. What was my pay? Under $12 an hour. You tell me if you want someone making $12/hr taking your mortgage app?
Peoples is greedy, it was much better with Klein in the seat. They are so conservative they refuse to upgrade technologies. How is it that in 2012, they still use ATMs that need envelopes and are serviced from the FRONT inside supermarkets. They are cheap, have little services, yet feel this justifies the $9/mo charge for a checking account without direct deposit. Know what's funnier? My IRA gets charged $10 a quarter for NOT having a $25,000 balance, despite the amount they make on stock trading fees of nearly $15, on their junk website. Believe me I would have converted all that by now if my investment in Citi didn't tank...
Wow! At Vanguard, my annual IRA fee is Nada, Zero, Zilch! Stock trading commissions are FREE for the first 25 trades annually and $2 per trade after that. That's for limit or market orders of any size. Vanguard ETFs are all commission free. I've never seen a fee of any kind on any of my other accounts, either. Online trading is very user friendly and fast. Okay, I admit that I have a "Flagship" account, but that requires only a combined family (one address) value of $1,000,000. I haven't seen a fee of any kind in at least the last 30 years with Vanguard. I wonder why anyone would ever do business with PBCT.
As for PBCT, the only reason I own the stock is for the dividend and the possibility of an eventual takeover or replacement of top management by some competent people who know how to run a bank.
I was a former customer of Danversbank, an awesome community bank that was acquired by People's last year. I have since closed my account with People's, but I was surprised that such a large bank had a poor mobile app and an unimpressive online banking site.
I'm sure that the only branch employees who are making good money are those who are working for People's as a result of a merger.
I'm sure it won't be long before People's is acquired by an even larger bank (Perhaps Capital One, Chase???).