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I used to work for CIBC...Ask me anything

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[OP]
Jr. Member
Aug 8, 2011
113 posts
8 upvotes
TORONTO

I used to work for CIBC...Ask me anything

I can tell you first hand how dysfunctional this institution is. Ask me anything.
109 replies
Sr. Member
User avatar
Aug 22, 2007
752 posts
31 upvotes
what was your role and how long did you work there?
[OP]
Jr. Member
Aug 8, 2011
113 posts
8 upvotes
TORONTO
Frogurt14 wrote:
Aug 9th, 2011 4:08 pm
I just had to reset my password because I usually just lurk these forums but your post about the CSC literally made me go through the hassel, I work for scotiabank and I'm going to set some things straight with you in your other thread.


And so this post can't be reported, my question is how often did you see coworkers finding promotions by way of internal selection.

No problem. I worked there from February 2011 until last week (August 2011).

I never heard of anyone being internally promoted other than going from CSR to FSR but that was after 2 years of working as a CSR (teller). Higher positions were always hired from outside.
Newbie
Oct 19, 2010
19 posts
3 upvotes
Derivative wrote:
Aug 9th, 2011 4:11 pm
No problem. I worked there from February 2011 until last week (August 2011).

I never heard of anyone being internally promoted other than going from CSR to FSR but that was after 2 years of working as a CSR (teller). Higher positions were always hired from outside.

Wow why did it take so long? Does CIBC not have an internal job site? CIBC must run on stealing employees from the better banks(RBC, TD, Scotia).
[OP]
Jr. Member
Aug 8, 2011
113 posts
8 upvotes
TORONTO
NewG10 wrote:
Aug 9th, 2011 4:20 pm
Wow why did it take so long? Does CIBC not have an internal job site? CIBC must run on stealing employees from the better banks(RBC, TD, Scotia).

Oh, CIBC does indeed have an internal job site but in a branch setting they don't hire from within unless you've been there for years. They have a "global hiring policy" where you need to be a CSR for minimum 1 year before you can even apply for other positions. Having a university degree, the CSC and only being allowed to work 15 hours per week as a CSR before being able to apply for other positions just made me go out of my mind. CSR's only go to FSR if there weekly referrals were the best in the district. You have to make at least 10 big sales a week to get any notice. Anything less than that and you get reprimanded.
Sr. Member
Nov 14, 2010
805 posts
79 upvotes
Is teller job a dead end job?

Please set this clear for people who think it's the foot in the door.
[OP]
Jr. Member
Aug 8, 2011
113 posts
8 upvotes
TORONTO
cheapskatescooner wrote:
Aug 9th, 2011 4:45 pm
Is teller job a dead end job?

Please set this clear for people who think it's the foot in the door.

The CSR position can certainly lead you to an FSR role which pays (30-40k per year) if you are a top salesperson. Like any job, your success and promotion is determined by how well you do IN THAT ROLE. Getting industry qualifications and degrees are not of interest to a bank. They want you to sell and push the banks products. If you succeed at doing that you can advance to a higher sales position. Going from teller to capital markets portfolio manager is unheard of unless you're fortunate enough to sleep with someone high up or achieve a full CFA license and MBA. There were 2 other tellers that had been there for 9 years in that exact position, earning 13.70/hour without any hope of moving up.
Deal Addict
User avatar
Jun 12, 2003
2718 posts
37 upvotes
Markham
Frogurt14 wrote:
Aug 9th, 2011 4:53 pm
Totally depends man, the finance sector in my community of 100,000 people is a joke, but that doesn't mean i haven't established network connections with contacts in Vancouver, Calgary, and sections of the corporate side.

If your in business you need to know that the key to success is paying your dues and learning how to network.

How has networking benefited you? How do you network? And who do you network with?

I'm asking you as I am a student. I don't see anybody around me I'm interested in networking with, so I assume that's an issue with my general attitude towards "networking". Advise if you can because I keep hearing about the importance of networking. I'm having trouble understanding the concept.
[OP]
Jr. Member
Aug 8, 2011
113 posts
8 upvotes
TORONTO
chinaboy1021 wrote:
Aug 9th, 2011 6:26 pm
How has networking benefited you? How do you network? And who do you network with?

I'm asking you as I am a student. I don't see anybody around me I'm interested in networking with, so I assume that's an issue with my general attitude towards "networking". Advise if you can because I keep hearing about the importance of networking. I'm having trouble understanding the concept.

Okay, I'm going to be completely honest here, and since my name is anonymous there is no way this can come back to haunt me. I should also mention that this is 100 percent accurate and I am not trolling.

The way I got into the CSR position was through a referral of a current employee that works in Capital Markets. I met her on a dating site and we slept together. We're good friends and she referred me for the position and went as far as calling up the hiring managers and really went out of her way to get me that position.

I was unbelievably grateful for the opportunity but CIBC was not a nice place to work. I left everyday with a giant headache, and it was a real nightmare being a CSR at the branch I was at.

Networking is the most important thing. It's better than degrees, it's better than licenses. You know the sexist saying "I made my career on my back?" There's nothing wrong with it and in today's economy, it's probably not such a bad idea. You don't need to prostitute yourself but networking is to a certain extent about sucking up, making friends. Going to branches, talking with managers, trying to get your name out there.

I really didn't like the way CIBC did business and they were so driven by sales over client satisfaction that I rarely tried to network or suck up. I did my job well, was pleasant to be around and went home. Most of my colleagues sucked up like crazy but still, there are no jobs.
Newbie
Oct 19, 2010
19 posts
3 upvotes
Derivative wrote:
Aug 9th, 2011 6:37 pm
Okay, I'm going to be completely honest here, and since my name is anonymous there is no way this can come back to haunt me. I should also mention that this is 100 percent accurate and I am not trolling.

The way I got into the CSR position was through a referral of a current employee that works in Capital Markets. I met her on a dating site and we slept together. We're good friends and she referred me for the position and went as far as calling up the hiring managers and really went out of her way to get me that position.

I was unbelievably grateful for the opportunity but CIBC was not a nice place to work. I left everyday with a giant headache, and it was a real nightmare being a CSR at the branch I was at.

Networking is the most important thing. It's better than degrees, it's better than licenses. You know the sexist saying "I made my career on my back?" There's nothing wrong with it and in today's economy, it's probably not such a bad idea. You don't need to prostitute yourself but networking is to a certain extent about sucking up, making friends. Going to branches, talking with managers, trying to get your name out there.

I really didn't like the way CIBC did business and they were so driven by sales over client satisfaction that I rarely tried to network or suck up. I did my job well, was pleasant to be around and went home. Most of my colleagues sucked up like crazy but still, there are no jobs.
This is actually pretty funny. I agree that networking is important but the jobs I got at the bank I got them based on experience and education. Other than talking with a recruiter to find the best way into the industy, I did no networking or sleeping around to get my jobs.
Newbie
Jul 27, 2008
54 posts
1 upvote
Alberta, Canada
So, what happens to the deposit envelopes after I put in the ATM? I assume someone manually verfies the transaction...but how is this done?
[OP]
Jr. Member
Aug 8, 2011
113 posts
8 upvotes
TORONTO
simplicitygirl wrote:
Aug 9th, 2011 9:08 pm
So, what happens to the deposit envelopes after I put in the ATM? I assume someone manually verfies the transaction...but how is this done?

Good question. All cash deposits are manually verified by a CSR. All cheque deposits are sent away directly to a clearing corporation. Often people enter the incorrect amount on the machine and it can take as much as 10 business days for the error to be fixed...99 percent of the time errors are resolved by the clearing company, they're very accurate. People who insert coins into the envelopes basically destroy the machine. It's kind of funny.
Deal Addict
Dec 28, 2008
1316 posts
121 upvotes
Toronto
Derivative wrote:
Aug 9th, 2011 9:39 pm
Good question. All cash deposits are manually verified by a CSR. All cheque deposits are sent away directly to a clearing corporation. Often people enter the incorrect amount on the machine and it can take as much as 10 business days for the error to be fixed...99 percent of the time errors are resolved by the clearing company, they're very accurate. People who insert coins into the envelopes basically destroy the machine. It's kind of funny.

This depends on the branch.

If it is large then Brinks handles everything.
Deal Addict
User avatar
Jun 12, 2009
4418 posts
69 upvotes
how much does a full time csr make?

what is the hiring process? how many interviews?

do you have sale targets to meet as a csr?
Deal Addict
Dec 28, 2008
1316 posts
121 upvotes
Toronto
got_it_4_cheap wrote:
Aug 9th, 2011 9:46 pm
how much does a full time csr make?

what is the hiring process? how many interviews?

do you have sale targets to meet as a csr?
Different wages for different cities.

$25500 to $30000

One phone call, one in person...takes about 3 weeks from first email to starting.

You have sales targets to meet.
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