Or is it going to be the usual story
3 replies (most recent on top)
Overall, heard that many people were either flat or down from 5% - 10%. Unlike the years after the financial crisis when there was literally no money to be shared, this year a 'Zero Bonus' was associated with a message of low performance. Lots of new VP promotions to possibly prepare & backfill them with cheaper bodies when EDs & MDs were let go. It's sad to see a very strong double digit earnings quarter without the reward to those that make it happen. It doesn't sound like it is the meritocracy that it was once famously known for under John Mack.
Not good afaik.
Heard that comp was going to be flat or down for most people. I survived two 'no bonus' cycles in 2010 & 2011 and 12 years of no raise since I was capped where the bonuses helped. After a big layoff, it would be hard to justify the optics of any sizable payouts; besides, the Firm now has all those severance packages to pay off. For those who still have a job, our thought was 'still having a job was the bonus'. Good luck.