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

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  • Aug 27th, 2016 10:57 pm
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Deal Addict
Dec 28, 2008
1316 posts
121 upvotes
Toronto
Derivative wrote:
Aug 9th, 2011 11:38 pm
We're supposed to get people in an office for the FSR to do a checking account upgrade, savings accounts, GIC's, Credit cards (that's the big one for us), if you see an opportunity probe for a mortgage. You're not allowed to discuss anything to do with mutual funds or stocks/bonds, even though I am licensed as a registered representative with IIROC but am obviously only working as a teller.

CIBC is the "worst" for tellers having to push products. The district supervisor even said "Your success is determined 80 percent by sales".

These are rough numbers but 2010-2011:

5% VISA popups
15% Overages
20% Shortages
25% BES
35% Referrals

Is what we were based on going by the district leaderboard....where you can see every other employee's numbers and how well they were doing.

I loved it because I was always top 10 but when you're 122/122 I can see how you wouldn't like everyone you work with in the district see your stuff.
[OP]
Jr. Member
Aug 8, 2011
113 posts
8 upvotes
TORONTO
BryceS wrote:
Aug 9th, 2011 11:44 pm
These are rough numbers but 2010-2011:

5% VISA popups
15% Overages
20% Shortages
25% BES
35% Referrals

Is what we were based on going by the district leaderboard....where you can see every other employee's numbers and how well they were doing.

I loved it because I was always top 10 but when you're 122/122 I can see how you wouldn't like everyone you work with in the district see your stuff.

Ya, any shortages = you being fired. You're "allowed" 30 bucks a month but if you're hitting them routinely you will be fired. The only thing that gets you promoted is your sales. Sorry to sound so cynical but it's completely true. I know really hard working tellers that have been in the same role for years because they had average sales but fantastic client service skills.
Deal Addict
Dec 28, 2008
1316 posts
121 upvotes
Toronto
Derivative wrote:
Aug 9th, 2011 11:47 pm
Ya, any shortages = you being fired. You're "allowed" 30 bucks a month but if you're hitting them routinely you will be fired. The only thing that gets you promoted is your sales. Sorry to sound so cynical but it's completely true. I know really hard working tellers that have been in the same role for years because they had average sales but fantastic client service skills.

Must be a Toronto thing.
[OP]
Jr. Member
Aug 8, 2011
113 posts
8 upvotes
TORONTO
BryceS wrote:
Aug 10th, 2011 12:19 am
Must be a Toronto thing.

Ya, I'd definitely like to work for a Caisse Populaire. Much more client satisfaction and less about pushing products down peoples throat. When I go to a bank I go for a reason, not to be hounded with questions and products.
Member
May 5, 2008
361 posts
182 upvotes
Calgary
I just have to pipe in about the RBC tellers and the myth about them having no sales targets. I can assure you all from experience that this is absolutely not true. Maybe their targets aren't as hgih as tellers at the other FIs, but the certainly do have sales targets.
[OP]
Jr. Member
Aug 8, 2011
113 posts
8 upvotes
TORONTO
squishh wrote:
Aug 10th, 2011 1:24 am
I just have to pipe in about the RBC tellers and the myth about them having no sales targets. I can assure you all from experience that this is absolutely not true. Maybe their targets aren't as hgih as tellers at the other FIs, but the certainly do have sales targets.

you sure? i asked one yesterday at the bank and they said no. they only get ranked on client satisfaction.
Deal Addict
User avatar
Jun 12, 2003
2713 posts
37 upvotes
Markham
Lol. ****. I can't stand when ppl try to sell me **** all day. I go into RBC, I go withdraw all my cash I just got from a bursary deposit so I can give to my mom. The lady is slow as hell, very calm lady, not aggressive at all (contrary to me). She asks me some "lifestyle/probing" questions. ****. I worked in sales min. wage for YEARS before, same ****. It's like walking into Mcdonalds and the CSR getting me to sit down to show me the benefits of supersizing my fries. Fake ass bitches. I had to say no thanks like 3 times before getting my cash.

Old couples are the best if you want to get them to buy something. I can see how in downtown it's hard to make sales.
Member
May 5, 2008
361 posts
182 upvotes
Calgary
Derivative wrote:
Aug 10th, 2011 1:53 am
you sure? i asked one yesterday at the bank and they said no. they only get ranked on client satisfaction.

I am 100% positive. Either that teller was lying to you, or her boss is lying to her.
Deal Addict
User avatar
Aug 9, 2011
1746 posts
235 upvotes
GTA
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.

How did you get the job? Was it through referral? Did you have relevant work experience or was this with your regular bachelors? Would you say working their as a CSR is worth the time? How do they treat their employees? What made you quit?
[OP]
Jr. Member
Aug 8, 2011
113 posts
8 upvotes
TORONTO
imflying12 wrote:
Aug 10th, 2011 6:06 pm
How did you get the job? Was it through referral? Did you have relevant work experience or was this with your regular bachelors? Would you say working their as a CSR is worth the time? How do they treat their employees? What made you quit?

1. How did I get the job? I slept with someone that worked in Capital Markets. She was kind enough to put in a great word for me (lol) and I used her as a referral.
2. I already had a Bachelor's degree (arts) and the Canadian Securities Course completed. I had other work experience in retail, which they actually liked, because any branch-level banking is all just sales. People with a retail/sales or even waiter/waitress background do just fine in a bank.
3. It was not worth the time. Most tellers are pigeon-holed into that position or move up to FSR after a few years. These people stay at branch level (low earning) banking for their careers. In order to get into capital markets etc, you need to have a great education, great references and apply for a role higher than teller. You won't go from teller to ceo.
4. CIBC is well known as the worst bank, especially in how they treat their employees. There are several class action lawsuits right now. We were not paid for overtime, often didn't get lunch breaks and were forced to stand all day, not allowed any stool or anything (this depends on the branch)
5. I quit because 2 people randomly quit one day and we were grossly short-staffed. They would make me come in with no notice and do the job of 3 people. I'd leave everyday with a splitting headache and my manager was a pain in the butt that didn't even have a college diploma or university degree. He's a salesperson and worked at Denny's as a waiter for 6 years.
Jr. Member
Oct 16, 2006
116 posts
11 upvotes
Guess I'll throw my hat in the ring here. I worked for CIBC for three years in three different roles:
-PBR @ PCF
-FSA for Business Banking @ CIBC
-Sales Assistant @ Wood Gundy.

Don't mind answering questions since I no longer work there and wouldn't go back for any of the jobs except the FSA. That is the one that most people get into and stay for several years because it's a pretty good position with little to no sales component.
[OP]
Jr. Member
Aug 8, 2011
113 posts
8 upvotes
TORONTO
The whole sales component of banking has become really off-putting. Every time I walk into a bank I want to throw up.
Newbie
Nov 5, 2007
73 posts
Downtown Toronto has a ton of centers of all the big banks.

Getting a job in one of them is better, no quotas for sales, and bigger opportunities.

Only thing, you need a hook-up.
Banned
Jul 8, 2009
4006 posts
122 upvotes
Derivative wrote:
Aug 10th, 2011 6:21 pm
1. How did I get the job? I slept with someone that worked in Capital Markets. She was kind enough to put in a great word for me (lol) and I used her as a referral.
2. I already had a Bachelor's degree (arts) and the Canadian Securities Course completed. I had other work experience in retail, which they actually liked, because any branch-level banking is all just sales. People with a retail/sales or even waiter/waitress background do just fine in a bank.
3. It was not worth the time. Most tellers are pigeon-holed into that position or move up to FSR after a few years. These people stay at branch level (low earning) banking for their careers. In order to get into capital markets etc, you need to have a great education, great references and apply for a role higher than teller. You won't go from teller to ceo.
4. CIBC is well known as the worst bank, especially in how they treat their employees. There are several class action lawsuits right now. We were not paid for overtime, often didn't get lunch breaks and were forced to stand all day, not allowed any stool or anything (this depends on the branch)
5. I quit because 2 people randomly quit one day and we were grossly short-staffed. They would make me come in with no notice and do the job of 3 people. I'd leave everyday with a splitting headache and my manager was a pain in the butt that didn't even have a college diploma or university degree. He's a salesperson and worked at Denny's as a waiter for 6 years.
LOLgtfo, I though you wre joking about that capital markets thing
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