Job Title: Assistant Vice President
Location: New Haven, Connecticut
Submitted on: 19-Feb-03
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While the bank's assets exceeded two billion dollars it operated as a
small institution. With only 500 employees we were family with a
substantial percentage of the employees having been with the bank for
more than ten years. As a result most everyone knew everyone else. As a
conservative savings bank its pay scale was below the competition. Often
this resulted in the bank second level, and minimally qualified people
for key positions.
Despite problems in the financial industry New Haven Savings Bank
remained strong. A mutual institution it concentrated on its retail
business in its own "backyard". Commerecial relationships, a secondary
product, were based on prior experience with areas firms. Due to a
history of profitable operations, there was a culture that was resistant
to change.
Upon the death of the bank's president a new management team came in.
Being from a large New York bank they were looking at ways to make the
bank more competitive in a broader market. One way of doing this,
without a large incease in staff was through a re-allocation of
employees.
In a number of instances managers, who had been advocates of the
philosophy "we've always done it that way" moved to preserve their own
positions. This has resulted in the departure of a number of managers.
At the same time those remaining continue to look over there shoulders
as the senior managers continue to work to preserve their positions.
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