Is anyone hearing #s or funding % yet?
19 replies (most recent on top)
FO CIB will be fine if they generated revenue. Don’t cry for them. Their bonus targets seem to be independent of WFC.
With the exception of commission based compensation and CIB Front Office (and some parts of WIM) bonus has always been a percentage of salary. That doesn’t change under Scharf.
Biggest change is 1s and 2s will be given 0% to under 50% of funded target. This is how the 70% of perceived performers will get their bonuses.
@dya, adding “facts” to the end of your own post doesn’t increase your legitimacy. Just saying.
They haven't released funding levels yet. Where did you get 80%?
80% was a mathematical example during the meeting, not a declaration.
80% funded then goes off your 1-5 rating from there..
Never got a bonus and I already don’t expect a raise or anything else with the cost cutting going on.
We'll probably have more luck wringing blood from a rock than getting any form of extra compensation for this year.
Per CEO's comments on the last call, "it hasn't not been a good year and we're not going to reward you for that," so that doesn't sound promising.
To add to the point I made below about support roles, lots of regulator requirements are coming due in 2021. I would expect that once that is done, Charlie will feel no need to maintain bonuses.
80% seems right. It will be interesting to see what happens LT to bonuses in support roles, Finance, Risk, HR, etc. Peers do not pay nearly as high bonuses, so this may be the start of a permanent change.
Basically only for those who got “exceeds”. Given that mgmt has had a forced hand in dropping people from exceeds to meets or meets to inconsistent, most won’t see bonuses. Facts!
Bonus? What's a bonus? I don't get one.
I expect to see a bonus, but probably horribly low percent of salary.
Bonuses seem alive and well based on the manager call last week. What the funding percentage is though, nobody knows yet.
Again children as daddy has been saying, the whole reason to push such a large % of people to the meets and inconsistently meets is to lower bonus payout across the company. Expect a bonus unless you’re NI, but expect a huge haircut from years past. The days of handing out candy like we’ve seen are gone.
What is the base pay bump that was promised at the beginning of this year going to look like
In the compensation call Dear Leaders Minions said that on the 18th we can open up CP&D and they will have budget numbers in them. They indicated that the numbers will be based on salary. Last year they funded $100M and below 100% of target and I think everyone else was 90% of target.
In the examples they used 80% as the example but said that was just a placeholder. My uneducated guess would say that probably is the low number and it will be depending on salary. Using their logic, 100, 150, 250 seem to be their chosen levels. The bonuses were in the budget already so they are funded.
I think if they decide to whack bonuses along with taking away profit sharing and raises for anyone making more than 150M they have to figure out a way to keep the talent. Especially over in CIB. But then again Chuckles has no care for the talent that is here and all his buddies have contracts so they are immune.
Looks like 80% funded
The bank has advertised that top performers will get a pay cut already. Whomever is left will get a bonus of some sort but at a cost to their lives.