The 10 Best Banks to Work for in the World

Logos of Bank of America Merrill Lynch, HSBC, Barclays and Wells Fargo Shutterstock.com

What do you look for in a company? A large paycheque or compensation that includes generous benefits?

Employees have different needs, and companies realise that they cannot offer a one-size-fits-all package to its workforce – not anymore. As new blood takes over, firms are throwing stuff at the wall and seeing what sticks.

The financial services sector is one of the largest industries in the world, employing millions of people across the globe. Even with its reputation taking a hit in recent years, the biggest firms are still attracting a plethora of new graduates and professionals looking to make a career change. Competitive pay, benefits and career advancement are just some of the perks of obtaining a job in this area.

So, where should you work? That is a question that has plagued plenty of people who want to get their foot in the door as a banker at an investment bank or your typical mom-and-pop community institution.

To give you an elementary understanding of some of the best, we have examined the rankings, Glassdoor reviews and Indeed evaluations to compile an important list that can help steer you in the right direction. When you’re on the hunt for an employment opportunity, be sure to give some of these banks a look.

These are the top 10 banks to work for in the world.

 

 

10. Wells Fargo

Exterior shot of Wells Fargo building in Portland, OregonARTYOORAN / Shutterstock.com

Global revenue (2017): $88.39 billion (£70.09 billion)

Total employees (2018): 262,700

Internships? Yes

Apprenticeships? Yes

Graduate programmes? Yes

Wells Fargo is one of the more celebrated Wall Street titans, likely because it is owned by Berkshire Hathaway, which is headed by everyone’s favourite billionaire Warren Buffett. Not only is it a favourite company among investors, but employees seem to appreciate the bank, too.

In the aftermath of the US government’s corporate tax cuts, the bank has employed a series of wage hikes, workplace investments, benefit improvements and other worker-friendly perks. This is making employees happy as complaints seem to be at a minimal, and the firm continues to hire staff.

More importantly, employee morale is on the up after Buffett and his senior team reined in poor behaviour. Who likes to work at an office that incentivises uncouth manners?

 

9. JPMorgan Chase

Exterior shot of JPMorgan Chase office in New York CityBumble Dee / Shutterstock.com

Global revenue (2017): $99.62 billion (£79 billion)

Total employees (2018): 250,000

Internships? Yes

Apprenticeships? Yes

Graduate programmes? Yes

For years, JPMorgan Chase had a youth problem. It appeared the millennial demographic wasn’t interested in working with or working for one of the world’s biggest banks. This is a dangerous trend, especially since millennials have now taken over the Baby Boomers as the biggest consumer and worker on the planet.

After noticing the writing on the wall, Jamie Dimon, the company’s chief executive, initiated an aggressive campaign to garner the attention of the most educated and technologically-savvy generation in history. And the plan, which involves having a heavy presence on social media, seems to be working.

 

8. Morgan Stanley

Exterior shot of Morgan Stanley building in London, EnglandBastian Kienitz / Shutterstock.com

Global revenue (2017): $37.94 billion (£30.09 billion)

Total employees (2018): 57,633

Internships? Yes

Apprenticeships? Yes

Graduate programmes? Yes

Anytime you turn on a business news network, or read a financial news story, someone from Morgan Stanley is typically quoted. Why? Because its staff members are experienced, astute and professional. As a result, MS remains a respected organisation.

Founded in 1935, Morgan Stanley is pretty much the gold standard of banking. It achieved this moniker by hiring the right employees, who are grateful for the myriad of benefits that complement their positions, like retirement benefits, insurance benefits, vacation pay and bonuses.

Ostensibly, the major finance brand embraces the concept of ‘a happy worker is a productive worker’.

 

7. Barclays

Exterior shot of a Barclays bank branch in Liverpool, Englanddesigns by Jack / Shutterstock.com

Global revenue (2017): $26.89 billion (£21.32 billion)

Total employees (2018): 79,900

Internships? Yes

Apprenticeships? Yes

Graduate programmes? Yes

When you think of British banking excellence, what generally comes to mind? If you’re one of the 24 million customers, then you will potentially name Barclays, which is a lauded international brand. Like some of its American counterparts, Barclays has been a permanent institution for more than 300 years, and it could have only survived for three centuries by maintaining a stellar workforce.

If you peruse any employer review or ranking outlet, you will always find high ratings and rave comments from past and present employees who were always treated well – either through pay or human resources.

What’s remarkable is that Barclays has weathered hundreds of storms throughout the years, and it has come out on top every time. No wonder why people clamour for jobs at, what the experts might say, is the best UK bank.

 

6. HSBC

Exterior shot of HSBC branch in Montreal, CanadaBalkansCat / Shutterstock.com

Global revenue (2017): $51.44 billion (£40.79 billion)

Total employees (2018): 228,687

Internships? Yes

Apprenticeships? Yes

Graduate programmes? Yes

HSBC is currently the seventh biggest bank in the world – and for a good reason. With total assets in the trillions and total workforce numbers topping 200,000, you would need to wonder what exactly the company is doing well. It might have to do with the company investing in its labour force.

While firms think that if they offer competitive compensation, they can then snatch the best and brightest from the talent pool, HSBC takes another approach: cultivating its workers. HSBC does offer a market-competitive pay and benefits package, but it also takes an active approach in enhancing its workers, as well as adapting to the changing landscapes.

Employees often champion the company’s HR strategy of ensuring a proper work-life balance.

 

 

5. Capital One

Exterior shot of Capital One building in New York CityIsabelle OHara / Shutterstock.com

Global revenue (2017): $27.37 billion (£21.7 billion)

Total employees (2018): 49,300

Internships? Yes

Apprenticeships? No

Graduate programmes? Yes

Capital One has invested a lot of money in transforming its day-to-day workplace functions, a move that was done to perhaps invite younger applicants to join the team. One such investment has been its transfer to the cloud, a risky move considering the digital threats that loom over every financial juggernaut.

With younger workers beginning to adopt adulthood – marriage, home and children – the bank retained a large chunk of its workforce by ensuring they’re doing well outside of office hours.

The company admits as such in its job advertisements: ‘We're focused on helping associates be well – physically, financially, and emotionally. Our associates have access to exceptional medical, dental, vision, and prescription drug plans – with full coverage for spouses, domestic partners, and dependents’.

 

4. Lloyds Bank

Exterior shot of Lloyds Bank branch in London, EnglandTomasz Bidermann / Shutterstock.com

Global revenue (2017): $17.5 billion (£13.87 billion)

Total employees (2018): 45,869

Internships? Yes

Apprenticeships? Yes

Graduate programmes? Yes

Lloyds Bank likely isn’t endearing to its clients after announcing it was raising its fees – again! – but that doesn’t mean its workers are as equally as unhappy. Why would anyone be, considering the range of benefits it offers long-time employees?

If you’re in service for quite a while, this is what you can expect:

  • six months full pay and six months half pay on sick leave
  • flexible working opportunities, depending on your role and department
  • a generous life insurance policy based on its ‘death in service benefit’.

Overall, workers report being pleased with their time at the 250-year-old business.

 

3. Deutsche Bank

Grey wall with Deutsche Bank logo in Frankfurt, GermanyThe World in HDR / Shutterstock.com

Global revenue (2017): $29.92 billion (£23.72 billion)

Total employees (2018): 97,535

Internships? Yes

Apprenticeships? No

Graduate programmes? Yes

Deutsche Bank is facing a series of scandals, including police raids and alleged money laundering schemes. But as the company endures these tough times, it has ensured that its employees are being taken care of, keeping its compensation and benefits packages in line with industry standards.

Moreover, Deutsche Bank has adopted a 21st Century workplace trend: work from home options. This could perhaps make it a far more attractive prospect than other Wall Street entities that maintain 20th Century office practices.

 

2. TD Bank

TD Bank sign in New York CityRoman Tiraspolsky / Shutterstock.com

Global revenue (2017): $36.1 billion (£28.62 billion)

Total employees (2018): 85,000

Internships? Yes

Apprenticeships? No

Graduate programmes? No

As most other banks invest in automation, mobile applications and several digital tools, TD Bank is one of the few to be investing in their branches again. It is an unorthodox tactic, but this is what happens when you witness your profits climb 9% in a single quarter after posting a 20% increase in earnings.

Does this mean more employees behind the counters and inside brick-and-mortar branches? Possibly.

This might be your opportunity to join the bank and get your hands on its pension plan, paid time off and its industry-celebrated internal and external employee discounts.

 

1. Bank of America Merrill Lynch

Exterior shot of Bank of America Merrill Lynch building in SingaporeTK Kurikawa / Shutterstock.com

Global revenue (2017): $87.35 billion (£69.26 billion)

Total employees (2018): 209,000

Internships? Yes

Apprenticeships? Yes

Graduate programmes? No

Bank of America Merrill Lynch (BAML) may be the punching bag on Wall Street for its high fees, poor customer service and terrible IT; however, employees are not joining in the pugilist endeavours, mainly because of the innumerable perks that come with being employed by the bank.

One of the biggest costs for American workers is health insurance. If you are working for BAML, then you do not need to be too worried about it because its health insurance benefits are some of the highest in any industry. You also get to enjoy a 401k plan, paid time off, vacation pay and a tuition reimbursement plan.

What more could you ask for from an employer?

 

 

TD, HSBC, the alphabet soup of finance companies is extensive. The global financial services market is only getting bigger, which is good news for both consumers and workers alike.

But which firm is tailored to your career needs? The bank that offers higher compensation or the major brand that provides flexible work schedules for its modern workforce?

Moving forward, as you navigate the labour market, you are equipped with the knowledge of the top banks to be employed by.

The next time you submit a job application to a financial institution, take another gander at this list and determine if this bank is right for you and your career goals.

 

Currency conversions are based on rates supplied by XE.com on 11 December 2018.

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