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[opinion wanted] Bank teller at BMO or CIBC

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[OP]
Newbie
Mar 20, 2006
38 posts
9 upvotes
Woodbridge

[opinion wanted] Bank teller at BMO or CIBC

After more than a years' job hunting in the banking industry, my girlfriend finally got a offer to work as a teller. The only problem is she actually got two offers, from BMO and CIBC, for the same position on the same day(life is never easy). She knows the job function would be very similar either way but she is having a hard time to choose between the two. If you had experience with one of them or both, which one would you choose? Is there much difference with pay, benefits, working environment and advancement opptunities between the two? ( I couldn't believe that she didn't ask for the pay rate on the phone today :confused: , I guess she was too excited, I believe it would be somewhere around $12)

She is currently leaning toward CIBC but any input is greatly appreciated. Thanks.
26 replies
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Dec 22, 2005
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I've heard from colleagues that CIBC is terrible as far as job development/career advancement is concerned within the bank. Fairly certain I've seen that posted here on RFD as well...

Aside from pay and benefits, make sure your girlfriend checks the full-time/part-time status of the job at each employer. I work for a big bank (not in retail :-0 ) and from what I understand a lot of tellers start off with very minimal hours.
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Mar 18, 2004
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monty613 wrote:
Nov 29th, 2006 8:44 pm
I've heard from colleagues that CIBC is terrible as far as job development/career advancement is concerned within the bank. Fairly certain I've seen that posted here on RFD as well...

That's just not true. All your courses related to your job would be paid for, how is that terrible?

People were just saying they don't offer a lot of development for tellers. And that might be the same for all banks.

Oh and might I add that saying the bank sucks because tellers don't get a lot of opportunities is not right. Since honestly the teller position would be the most entry level job.
Member
Sep 11, 2006
332 posts
how did you're girlfriend get a job as a bank teller?

i'm currently a first year student and i was hoping to get a job like that for the summer. Nice work experience and the pay isn't bad for students. anyone knows what are the requirements for these kind of jobs and how to apply?
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Dec 22, 2005
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chickenbones wrote:
Nov 29th, 2006 8:54 pm
That's just not true. All your courses related to your job would be paid for, how is that terrible?

People were just saying they don't offer a lot of development for tellers. And that might be the same for all banks.

Oh and might I add that saying the bank sucks because tellers don't get a lot of opportunities is not right. Since honestly the teller position would be the most entry level job.
I don't recall saying that working at a bank sucks? In case you missed it in the 2nd half of my post I said I worked for a big bank, but not in retail. I have heard many times (on RFD, and from colleagues who used to work there) that CIBC has poor career development as far as big banks are concerned. The OP was asking about advancement opportunities within the bank...

Here's a thread where it was mentioned before:

http://www.redflagdeals.com/forums/show ... light=cibc
Member
Sep 19, 2006
224 posts
1 upvote
Well you can look at location, pay, supervisor/boss. working conditions (high traffic vs low traffic, good places to eat, has there been alot of turnovers in this particualr office.

But between the 2 i would say on this level (teller) there arent many differences, Maybe insurance plan coverages. wages are prob same. As for growth...i find its usuallyus to the individual. If you take course and better yourself and work hard you will go far no matter where you are. If the company wont move you up then another comoany will.
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Oct 6, 2005
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BigDeal2006 wrote:
Nov 29th, 2006 7:50 pm
She is currently leaning toward CIBC but any input is greatly appreciated. Thanks.

While both CIBC and BMO will make profits, both are not expected to do very well as compared to the other banks.

But if you had a choice, BMO would be the MUCH better bank to work for. CIBC seems to be down and out ever since the Enron and privacy scandals.

P.S. There is always the possiblity of bank mergers too... If the goverment OKs mergers, CIBC will be the bank that gets absorbed. It's not good being on the receiving side of a merger.
[OP]
Newbie
Mar 20, 2006
38 posts
9 upvotes
Woodbridge
Hi thanks for all the reply. really appreciated. The offer she got from CIBC is Casual in contrary to F/T and P/T. Not really sure what that means, or if there is any difference with benifits besides hours. But now she is leaning toward BMO and got to make a decision pretty soon.

to jackieskwong:
she's been filling out applications on their websites for over a year,probably every two months. I figured that the HR people just got sick of her so they finally decided to let her in. Seriouly though, just keep an eye on their career sites and keep submitting whenever they have an opening. I'm not really sure about the qualification though, she just finished her B.A a few months ago, but it would definitely help if you have friends or family members working there and willing to refer you, which she didn't have any.
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Mar 18, 2004
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You guys are funny, to compare banks like that. Even if CIBC is smaller than BMO, it's still a big company. It's like the 8th biggest company in Canada.

If you can get you foot in any bank, it's a good thing. No need to nick pick especially at the teller level.

I mean there really isn't much different at the teller level. Get yourself in the door and go from there.

Doesn't matter what bank you are in, if you worked in one, it'll help you to go to another.

That's my opinion.
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chickenbones wrote:
Nov 30th, 2006 10:40 pm
You guys are funny, to compare banks like that. Even if CIBC is smaller than BMO, it's still a big company. It's like the 8th biggest company in Canada.

Doesn't matter what bank you are in, if you worked in one, it'll help you to go to another.
True, they're almost all the same - but if you have a choice, why not pick the better of the two to work for?

Banks also give out stock options and it can account for a significant amount of your pay (~7 - 10%). Thus it's always good to work for a bank that will perform.

Job security is another issue - there's no point in working in an environment where they might lay off people. Come to think of it... CIBC is the only Canadian bank in recent times to lay off 100's of management employees...

CIBC will probably be on the receiving end of a bank merger should the government allow it - which probably means 1000's of jobs lost. You don't want to be on the receiving end if possible.
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Feb 2, 2004
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I say BMO, it's on MacLean's top 100 employers for this year (the only major Canadian bank listed).

Both have their own weaknesses however, CIBC tends to have poor management, I have a classmate who works there and complains a lot about the organization. BMO's structure isn't exactly great either, but they tend to treat their employees better with more internal training programs.

View and evaluate both website's career section, the company that is more useful or informative should give you an idea with how they'll treat their employees.
Paulfistinyourface wrote:This is RFD. High moral values are way down the ladder of acceptability around here. It's all about stepping on your grandmothers throat to save a buck.
Heatware
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Jan 5, 2005
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coolspot wrote:
Nov 30th, 2006 12:37 pm
While both CIBC and BMO will make profits, both are not expected to do very well as compared to the other banks.
Which of the major banks are expected to do well?
coolspot wrote:
Nov 30th, 2006 12:37 pm
But if you had a choice, BMO would be the MUCH better bank to work for. CIBC seems to be down and out ever since the Enron and privacy scandals.
What happened? I always thought CIBC is right there with TD.
coolspot wrote:
Nov 30th, 2006 12:37 pm
P.S. There is always the possiblity of bank mergers too... If the goverment OKs mergers, CIBC will be the bank that gets absorbed. It's not good being on the receiving side of a merger.
What will happen to CIBC's subsidiary, PC Financials? :(
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ak47num1 wrote:
Dec 1st, 2006 3:28 pm
Which of the major banks are expected to do well?

What happened? I always thought CIBC is right there with TD.

What will happen to CIBC's subsidiary, PC Financials? :(
Royal Bank will always be the largest bank in Canada (in assets) since the Canadian government and many large corporations have their accounts with them.

TD is #2 in terms of assets and the sheer number of retail branches. I don't know exactly where CIBC stands, but it's definitely not where TD stands. CIBC was involved in the Enron scandal somehow, I just don't remember how. It certainly wasn't enough to risk their solvency or affect their clients though

In case of a merger, I would think that the subsidary company would be left alone, or restructured/reabsorbed/sold. It really depends on the executives of the merged company to decide what they want to do with it. But if PC Financial has the highest interest rate for a savings account, why change it?
Paulfistinyourface wrote:This is RFD. High moral values are way down the ladder of acceptability around here. It's all about stepping on your grandmothers throat to save a buck.
Heatware
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Jun 4, 2006
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as stated RBC is huge...much bigger than all the banks.....i think they made 2 billion in revenue last year.....

TD has been #2 for a while now..well TDCT.....and they have done the best of all 5 banks in terms growth and wealth....

BMO is strong behind...and has shown good strength........Scotia has the most international business and international growth strategy, they expect to grow by 10% this last quarter....they report on the 21st of december i think.....

CIBC was affected like just all the US banks...which was they had strong buys on Enron...as well i beleive one of their brokage houses had 4 bad traders.....im pretty sure some of the other candian banks also have been fined, for making money off Enron and stron buy statement from analysts...just not as much...

Bank Mergers aint happening anytime soon.....i.e. next ten years....read any academia or ask anyone who has viewed the issue....their is just too many reports/literature to show mergers have failed over in europe.....small businesses in Canada would be hurt way too much....TDCT merger was allowed...it led to alot of lost jobs and branch closures in Canada, while TD tried to expand south and failed pretty much....
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Oct 6, 2005
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ak47num1 wrote:
Dec 1st, 2006 3:28 pm
Which of the major banks are expected to do well?
According to a ScotiaMcLeod industry analysis, Scotiabank and Royal Bank have extremely good forecasts - just check their stock prices over the last 5 years. TD is expected to do OK. BMO, CIBC will lag in the industry.

Here's the latest analyst expectations:

Bank of Montreal
BMO Banks C$68.39 C$80.00 Sector Underperform

Canadian Imperial Bank of Commerce
CM Banks C$89.70 C$105.00 Sector Underperform

Canadian Western Bank
CWB Banks C$46.44 C$55.00 Sector Perform

Laurentian Bank of Canada
LB Banks C$29.60 C$36.00 Sector Perform

National Bank of Canada
NA Banks C$63.40 C$77.00 Sector Perform

Royal Bank of Canada
RY Banks C$53.28 C$68.00 Sector Outperform

Toronto Dominion Bank
TD Banks C$66.97 C$81.00 Sector Perform

(Scotiabank isn't listed since these ratings are from ScotiaMcleod, but in another report, BNS was expected to be Sector Outperform).


But don't worry too much - there hasn't been a bank failure in Canada in 50+ years? It's just relatively speaking :)

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