"The people'supportive managers, and co-workers are always willing to help you out."
"Great training program for young employees."
"Lower pay than some of my peers."
"Tone of red tape to go through when you try to implement new ideas."
"Never heard of it
Golden State giant
Union Bank works in the consumer, small business, middle market, real estate, corporate, correspondent and trade finance markets, and also provides investment and financial management, trust services, private banking, insurance and global custody services. Its industry focus is concentrated mainly on the communications, media, entertainment, energy, public utilities and retail sectors.
There are four major business lines at Union Bank. Personal banking offers checking, savings, home equity, retirement planning, online banking and estate planning to retail customers. The wealth management division provides investments, brokerage, trust administration, business services and insurance. Small business services include cash management, business financing, merchant card services and Internet banking, Union Bank also provides specialized small business services to nonprofit organizations and companies owned by women and minorities.
Finally, the commercial financial services division provides business insurance, employee benefits, international trade and foreign exchange services, cash management and loans, and financing for mergers, acquisitions and other business operations.
The long and winding road
Follow a maze of Japanese and Californian mergers to arrive at what is known as Union Bank, whose roots date back to 1864, when the Bank of California, the first incorporated commercial bank in the West, opened for business. Across the Pacific, in 1880, the Yokohama Specie Bank was created in Japan. Many decades later, in 1953, it renamed itself Bank of Tokyo and launched a San Francisco subsidiary called the Bank of Tokyo California (BOTC). Five years later, a Los Angeles-based bank called Union Bank & Trust Company shortened its name to Union Bank, which created a one-bank holding company called Union Bancorp in 1967.
Meanwhile, BOTC grew beyond San Francisco in 1975 when it acquired Southern California First National Bank of San Diego and renamed it California First. In 1984, the Bank of California became a wholly owned subsidiary of Japan’s Mitsubishi Bank Ltd., and in 1988, Union Bancorp was purchased by California First (but kept the Union Bank name). In 1996, the Bank of California and Union Bank combined their businesses under the Union Bank of California name. Union Bank became the new holding company’s primary subsidiary, and Union Bank of California Corporation (often referred to UnionBanCal) listed on the New York Stock Exchange in 1999. That same year, Mitsubishi Bank and the Bank of Tokyo held a merger of their own, forming Bank of Tokyo-Mitsubishi (BTM). In 2006, BTM merged with UFJ Bank, becoming the Bank of Tokyo-Mitsubishi UFJ. Mitsubishi Financial Group completed its purchase of the remaining 33.6 percent of Union Bank of California in November 2008. A month later, the firm shortened its name to, simply, Union Bank.
Office Space [6.81]
● "Comfort is acceptable, decor is awful, location is ideal."
● "Basic cubes."
● "The desks are arranged for teamwork and an efficient flow of communication. Also, the many windows and furnishings allow for an open and inviting atmosphere on the floor."
● "Not the greatest, but not the worst."
Business Outlook [9.06]
● "Surviving the recession largely intact. The bank is poised to make big advances in the next few years."
● "Our company keeps growing and is in healthy financial condition."
● "It just bought another bank and is expecting more acquisitions."
● "The firm is positioned for growth. The specific derivative structured products are gaining popularity with consumers."
● "Given recent economic conditions, many banks are hurting significantly. But Union Bank, which is very conservative relative to other large commercial banks, has survived this downturn amazingly well and is making a move to be a big player in the near future."
● "We are owned by the Japanese-based Bank of Tokyo-Mitsubishi and are no longer traded on the NYSE."
● "Good for an intern."
● "For someone who is less than two years out of college, base salary is very good. However, bonuses are minimal, and I didn't receive a signing bonus due largely to the recession."
● "The incentive bonuses are rather poor in comparison to other commercial banks."
● "Compensation is acceptable but low compared to other banking jobs."
● "Great compensation while attending school. No bonuses based on individual performance, and no reimbursement for attaining professional certifications."
● "I believe for the high level of expectations and responsibilities, the compensation is low."
● "The compensation is very fairly matched to the responsibilities required, especially in light of the flexibility to scheduling."
● "As far as I know, Union Bank pays below industry standards. But you have to take that with a grain of salt: you work 40 hours per week in an easygoing environment, so if that fits your lifestyle, you will be very thankful of the pay."
● "Free lunch."
● "Pension plan."
● "Low gym membership fee located at our corporate office."
● "The bank's relationship with other companies gives employees discounts on our personal phone plans."
● "Vacation buyout."
Respondents also point out that the firm offers free car rides home and dinner if working late, profit-sharing programs, moving expense reimbursement, free parking, free or subsidized gym memberships, telecommuting, flex-time, paternity leave and extended maternity leave.
Diversity with Respect to Women [8.75]; Minorities [8.56]; GLBT [8.13]
● "The office floor is filled with women and minorities."
● "Men seem to be favored in this position."
● "The floor has a large diverse population of men and women of all backgrounds and cultures. I believe that the diversity results in a very well rounded, respectful culture on the floor."
● "As far as I can tell, Union Bank is fair in their hiring. In addition, I have seen many women and minorities in high-level positions, which leads me to believe they are extremely open to diversification."
Environmentally Friendly Practices [7.44]
● "Plastic and paper recycling bins are located on all corners of the office."
● "They use a lot of paper. I hope they can change some of their policies and stop printing lots of unnecessary pages."
● "We recycle. There are programs to keep employees aware of the environment. It also tracks its carbon footprint reduction."
● "Our firm is pushing electronic or paperless projects to support the going green movement."
● "The firm constantly reminds employees to operate with green awareness, especially in regard to usual business practices of printing and using disposable goods."
● "Working hours are flexible and workflow is manageable."
● "Sometimes I feel like my time could be used more productively."
● "Being an undergraduate at a top university, I find it very helpful how the internship hours demanded are very flexible in regard to scheduling. Furthermore, I am encouraged to come to the office whenever I might have free time, not necessarily to do more work, but instead to gain exposure to the lifestyle and environment on a more regular basis."
● "As an intern, the bank works around my school schedule as needed."
● "I wish I worked a little bit more. Which I understand is my own fault, but I will argue that it is easier to be motivated when the atmosphere calls for hard, long hours."
● "I work 40 hours a week."
Manager Relations [8.15]
● "Managers always treat us with respect."
● "Junior professionals are valued and utilized as great resources."
● "I have the opportunity to work closely with the management workforce due to my training program. We have the opportunity to be exposed to all upper management, who very welcoming and supportive."
● "The senior professionals treat me as they would any employer on the floor: with respect and compassion. Not only are they amiable in all interactions, but they are also willing to advise me, ask for my assistance and provide exposure to many facets of the derivative trades."
● "My superior is an extremely respectful person. He is smart, hardworking and very attuned to making sure I am keeping busy."
Training [7.69, formal; 8.31, informal]
● "Informal training is much more frequent than formal training."
● "The majority is on the job."
● "I'm in a training program. Training is structured and extensive."
● "Offers a lot of training but some classes are redundant, after-college classes."
● "The bank does not seem to have much formal training beyond day the first days after recruitment. However, training with an individual's team or department can be quite extensive."
● "You need to be a go-getter to be successful."
● "There are formal corporate training classes that you can attend. I really enjoy these corporate training classes and encourage others to attend them."
400 California Street
San Francisco, CA 94104
Phone: (415) 765-2969
Employer Type: Public
Stock Symbol: UB
Stock Exchange: NYSE
President & CEO: Masaaki Tanaka
2010 Employees (All Locations): 9,820