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Old 10-23-2008, 11:09 AM
 
Location: Ventura CA
16 posts, read 77,305 times
Reputation: 37

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I have been contacted by a headhunter that wants to put me into Bank of Americas IT dept. BofA is installing some SAP (large ERP vendor) systems.

I am a little leery of the offer considering the state of the financials industry.
Most companies, including my own (non-financial), are cutting back on staff and projects.
I was more than a little surprised to hear that BofA is launching this large new IT project.

Does anyone have any insight into how far along this project is, who the implemention partner is, or what the state of the BofA IT dept is?

Thanks in advance.

Last edited by sport; 10-23-2008 at 11:12 AM.. Reason: (sp)
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Old 10-23-2008, 11:33 AM
 
Location: Mint Hill, NC
769 posts, read 1,873,119 times
Reputation: 450
I can't speak to the specifics of your post, but here is my 2 cents worth....

Whatever the economic climate, banking, credit and lending services are crucial in today's society. Crucial to the banking industry in today's economic climate is continued growth, which is fueled by new products and services, all of which require bodies to accomplish. On 60 Minutes this past weekend, Ken Lewis mentioned that half of ALL Americans interact with BofA in some way or other, whether a house loan, bank account, etc. These existing services also require substantial maintenance and support.

My take is that now a days, regardless of the business, there is no such thing as a permanent job - it's just a matter of whether or not the job you have now has benefits or not. I would say that if you're in a job that is secure at least for now, stick with it. It's always better to be as "senior" as possible rather than the new kid in the cubicle. If it's an opportunity that you just can't pass up, I would say that in my opinion, BofA is as stable as anything out there. The fact of the matter is that the economic climate has not just hit banks, although they were the first in line. Now it's trickling down and will continue to do so. I also believe that means that it will be the banks that start recovering first.
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Old 10-23-2008, 12:18 PM
 
Location: Huntersville
1,852 posts, read 4,412,024 times
Reputation: 518
I would not fear working for Bank of America as an unstable job. They are one of the more stable companies out there, the Banks aren't going anywhere. No job is secure, but you could do much worse, especially for a perm job.

As far as installing SAP, if thats the case, thats a 3 to 5 year project, sounds like a good place to be. People aren't shutting down projects and with all their acquisitions Bank of America will have lots of IT integration work to do.
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Old 10-23-2008, 01:46 PM
 
Location: Florence
21 posts, read 50,079 times
Reputation: 14
I have a friend/client who is over the IT Dept at BOA,Rachel Greene. She loves it!
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Old 10-23-2008, 07:16 PM
 
Location: Charlotte, NC
2,193 posts, read 4,276,807 times
Reputation: 1071
I am in IT with BofA. They had some cut backs few months back. From what I heard, they aren't planning on doing any cutbacks in the technology departments.

They made some organizational changes recently though and we keep getting messages saying that BofA is strong. But you know how it is, they keep most of us in the dark about any impending negative changes.

I agree w/ the above post, no job is stable and BofA will have lots of integration to do so sounds like a great project.

My husband recently got a call about an opening with Wachovia. We were shocked! It was an IT job that was needed for some government project. I was really surprised Wachovia was trying to hire someone. But I guess there's always a need sometimes!
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Old 10-24-2008, 08:49 AM
 
Location: Right outside of Charlotte Uptown
286 posts, read 897,734 times
Reputation: 103
I also work in BofA IT. IT at BofA is so large is depends on what group you're working in. each group is funded differently. But a project that large must have gone through rigorous analysis before starting up. I have not had anyone cut in my immediate group before. They will cut off-shore staff and contractors before associates.
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Old 10-24-2008, 05:49 PM
 
Location: Charlotte, NC
123 posts, read 257,924 times
Reputation: 36
A friend of mine worked for BofA IT as a employee. He got laid off in May, but was re-hired in June as a contractor, as they were cutting down on cost (which includes insurance etc not being taken care of for contractors, i guess). They are cutting costs, but am not aware if they would be starting a big project at such a time...
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