An Examination of Bank Employees’ Job Satisfaction after a Merger and
Acquisition

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ABSTRACT
Merger and acquisition (M&A) activity in the United States in the 21st century has
dramatically increased. Dissatisfaction within the nonfinancial and service
industries in the 1990s revealed damaging effects on M&As, but a lack of
research exists regarding job satisfaction among bank employees after an M&A.
This quantitative descriptive study involved examining several facets of job
satisfaction among bank employees involved in an M&A 1 to 2 years postmerger,
assessing whether satisfaction related to employees’ demographic identity, and
determining whether differences existed among the satisfaction facets. The
Abridged Job Descriptive Index (AJDI) and the Abridged Job in General (AJIG)
survey instruments were used to measure participants’ levels of job satisfaction.
The independent variables were age, gender, job level, job tenure, and level of
education. Data from the AJDI and AJIG were analyzed using two-way analyses
of variance (ANOVAs), repeated measures ANOVAs, multiple regression, and
factor analysis. Two-way ANOVAs revealed respondents over 40 had higher
satisfaction with M&As, and respondents in managerial positions (compared to
staff-level respondents) also had higher satisfaction with M&As, F(1, 225) =
11.31, p < .01. The interaction between job tenure and job level was significant,
where respondents with 5 years of experience or less had similar levels of
satisfaction and staff with more experience had lower levels of satisfaction than
those in managerial positions, F(1, 225) = 6.21, p = .01. Understanding the
factors that contribute to job satisfaction might enable bank leaders to deploy
strategies to ensure successful mergers.

CHAPTER 1: INTRODUCTION 1
Background 2
Statement of the Problem and Purpose 4
Theoretical Framework 5
Research Questions 7
Hypotheses 8
Nature of the Study 10
Significance of the Study 11
Definitions 12
Summary 14
CHAPTER 2: LITERATURE REVIEW 16
History and Business Climate of Bank M&As 16
The Impact of M&As on Employees 22
Relationship Between Demographic Variables and Job Satisfaction 36
Age 38
Gender 38
Job level 38
Job tenure 39
Level of education 39
M&A Process and Integration 40
Summary 56
CHAPTER 3: RESEARCH METHOD 58
Overview 58
Restatement of the Problem and Purpose 58
Statement of the Research Questions 59
Hypotheses 60
Description of Research Design 62
Operational Definition of Variables 62
Selection of Participants 65
Description of Materials and Instruments 68
Procedures 77
Discussion of Data Processing 78
Methodological Assumptions, Limitations, and Delimitations 80
Ethical Assurances 81
CHAPTER 4: FINDINGS 84
Results 85
Evaluation of Findings 114

Summary 121
CHAPTER 5: IMPLICATIONS, RECOMMENDATIONS, AND CONCLUSIONS
124
Summary 124
Implications 126
Recommendations 132
Conclusions 134
REFERENCES 137
APPENDIXES 145
Appendix A: Questionnaire 146
Appendix B: Cover Letter and Informed Consent 149
Appendix C: Initial Letter to Banks 151
Appendix D: AJDI/AJIG Scoring Model 152
Appendix E: SurveyMonkey.com Confidentiality and Security Policy 153
Appendix F: Approval from Bowling Green State University 154
Appendix G: Ethic Committee Approvals 155
Appendix H: Normality Ploys for AJDI and AJIG Scales 156

CHAPTER 1: INTRODUCTION
Mergers and acquisitions (M&As) have become a key part of many
corporate growth strategies, with diversification being the primary reason for
merging (Cocheo, 2008; Rosta, 2008). Banks seek to diversify in order to reduce
risks and increase returns, and geographic diversification, that is expanding
operations into multiple locations, is used to obtain greater market power. Banks
merge with other banks that have branch locations in multiple states in order to
reach a larger customer base. The anticipated benefits are less competition and
increased profits for the resultant bank. The corporate diversification strategy has
led to an increase in bank M&As. However, M&A transactions often fail to
achieve their intended purposes of increasing profits and market share (Cocheo,
2008; Rosta, 2008).
Behavior of employees affected by M&As may critically affect whether
M&As are ultimately successful (Appelbaum, Lefrancois, Tonna, & Shapiro,
2007; Range, 2006; Schreyogg, 2006; Van Dick, Wagner, & Lemmer, 2004).
Thus research aimed at elucidating the psychology of such employees may
assist leaders in achieving successful M&As. As elaborated below, the current
study was carried out to provide information applicable in this regard.
This chapter provides an introduction to the issue of the importance of
bank employees’ job satisfaction following M&As and to the study design.
Specifically, a brief background highlighting the significance of the
aforementioned problem is provided, followed by statements of the specific
problem being addressed and the specific purpose of this study. A discussion ofthe theoretical framework of this study is then given, followed by a presentation
of the research questions, nature of the study, and significance of the study.
Finally, a glossary of pertinent terminology and a summary of this chapter are
given.
Background
In forecasting the future of bank M&As, the impact of regulatory orders
cannot be ignored. Some institutions initiated M&As before regulators began to
push institutions towards the M&A. When other institutions had difficulty initiating
M&As, buyers waited until these institutions were about to fail before beginning
the acquisition process. Morgan (2009) reported that in the first half of 2009,
there were only 72 announced transactions in the banking industry, down from
109 deals in the same period a year earlier. However, Morgan predicts this
decline will flatten out or reverse by the end of the year, driven by banks’
continued need to raise capital. Nevertheless, the continued M&A activity
indicates that more banks are now facing the challenges caused by the M&As.
Zhu, May, and Rosenfeld (2004) found that only about 50% of all M&As
met initial financial expectations, the principle incentives for pursing M&As. In a
recent analysis of four bank M&As between 2005 and 2006, Sperduto (2007)
found that 70% of the bank M&As failed to produce the intended results of
increased profits and market share. Likewise, an international study of 52 M&As
between 1998 and 2004 conducted by KPMG found that 75-83% of M&As failed
to achieve their objectives (Cartwright & Schoenberg, 2006). The reasons cited
for considering the M&As as failures included reduced productivity, labor unrestincreased absenteeism, and a loss of shareholder value relative to the pre-M&A
situation. The researchers interpreted their findings as signifying that there may
be a correlation between post-M&A underperformance and high failure rates.
These failures were usually attributed to financial and strategic factors only.
However, post-M&A underperformance relative to expectations could be related
to declines in employee commitment and job satisfaction. Indeed, according to
Harrison (2005), companies that do not recognize the business implications of
human emotions risk low morale, dips in productivity, and unsuccessful starts for
the M&A.
Researchers have attributed the less than stellar record of M&A
outcomes, in part, to how the integration of the participating firms affected the
employees of the acquired company (Range, 2006; Schreyogg, 2006; Van Dick,
Wagner, & Lemmer, 2004). Furthermore, research has shown that M&As can be
a traumatic event in the lives of the individuals and organizations involved in the
change. Many employees experience feelings of loss, resentment, and a decline
in job satisfaction, and their reactions can lead to the failure of the M&A
(Appelbaum et al., 2007; Cartwright & Schoenberg, 2006; Sperduto, 2007).
Appelbaum et al. concluded that such human resources (HR) difficulties may add
costs to the integration process and undermine the ability of a firm to achieve
synergy, and thereby offset the hoped-for benefits of merging.
According to Morrell, Loan-Clarke, and Wilkinson (2004), human capital
should be considered a critical resource upon which firms can rely on to gain a
competitive advantage in the marketplace after a M&A. Furthermore, Hunt and