Is there any chance that we’ll get bonuses, even reduced? Does anyone have any expectations?
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I was moved to new role in WIMT asked about my bonus and was told nothing will change. Of course nothing ever certain.
there will be bonuses but the only ones that will get target will be people they're really wanting to retain; ie people in succession and talent plans. Otherwise, they'll do cuts depending on where your EOY rating landed and go from there. I heard people in my group last year didn't get full bonuses and that's when we were profitable. So this years should be interesting.
Lots of bad information and assumptions from people who don’t work here or don’t understand how these expenses work. There is definitely going to be a haircut, most likely across the board, because pools get funded at a particular rate. But your numerical rating is going to be less of a factor than where your total comp stands in the HR range. Your org can be funded at 80% of target, but you might get 90% of target because your comp is in the low end for your job code. The guy at the high end gets 70%.
For those that don’t understand the angst about bonuses, it’s because it is not really a bonus. You are told up front what your target is and it’s presented to you as part of your total comp. Only the most psychologically strong forget about it and act like they won’t get it.
Bonuses will be less simply because the bank must cut expenses. How and by what amount is still undetermined. He’s what I’ve been thinking about. It’s the 4Q and it’s generally hard for banks to hire people late in the year as they tend to wait for their bonus payment (at least those that have met the requirements). Since I’m a top producer, I’m thinking that if I could negotiate a sign in bonus and guaranteed first year bonus, I’d be miles ahead of waiting to see what Wells does. Sure it means leaving Wells but I don’t think that’s a loss. And I’m one of the top producers so my chances of getting a severance package is slim. Anyone try this?
@1rjg+17ypNUTV I guess you have not tasted a tasty bonus nor working hard and well enough to get above 2% merit raise. For us that have, getting a hair cut is not fun to think about
OMG you people and Freaking bonuses please all we ever get is the measly 1.5 % increase every year no matter how long or hard we work. So quit complaining!!
I’m in wholesale and I hope that is a line they know not to cross. The best RMs will have no problem sailing over to our competitors and we will be left with the losers who can’t go elsewhere.
Will the bonuses for front line branch employees aka tellers, bankers, licensed bankers be affected?
@xic+
Another one?
Yes
The bonus will be terrible, but it won't be as bad as the 0% raises. They crammed us into titles that put us over MRP. They hope we quit before they displace us and pay severance.
I am a director and have heard 50%, but also with the caveat “expect nothing and if you get anything it’s a bonus.” LOL
No
I think there will be but they'll be reduced. Regardless, I'm not counting on receiving one but if I do, great.
I was told they have been accruing at 75% of Target.
I highly doubt it, the bank made $18bn net income in 2018, $16bn last year and less than $2bn in the first 3 quarters of this year. Even if the bank makes $6bn in Q4 which is highly unlikely it will make half of what it made last year. I wouldn't count on the bonus if I was you, I would be thankful to have a job until the economy rebound then go from there.
Only if earned, as in it's part of your comp structure. I doubt there will be much in the way of discretionary bonus