It's been too long. The bank has had plenty of time to share valuable info with employees, but to date has chosen not to.
Other than the bonus targets going away (in favor of a non-transparent dollar amount), and stocks instead of cash after a certain amount, what else do we know?
I'm assuming a smaller bonus should be expected, compared to the existing targets.
Anything else?
The bigger change is there won’t be targets. So more variability. Over time more room to reduce them.
Bonus $50k and under will be in cash. Stock is paid to those getting over $50k. My take is this change doesn’t impact most. I used to get a combo of cash and LTI. Now, I’ll likely just get cash.
Bonuses would honestly not have been earned and we frankly do deserve them if you are really being honest. So, deal with it special people.
Yeeeeaaah, that's what managers tell people when it was either them or their boss that made the call but they don't want to be the target of your bu++hur+. "It was those dang executives, sorry, I went to bat for you..."
A promotion with <= 20% pay increase only need manager and manager +1 approval. More than 20% requires OC approval.
More than likely your manager didn’t sell it good enough to their manager or was able to explain why a promotion was necessary (ie increased job duties relative to peers). If the higher level bump than yeah good luck getting an OC member to understand and sign-off.
Comm from HR was expected on October 12 but nothing has been sent. Are they rethinking the rollout?
Post ID: @1xeo+1dnvmOme
It’s not up to their manager, but about 3 to 4 levels higher and they don’t have a clue who you are or what you do or how good a job you’ve done. I have been recommended for promotion by my manager the last two years and it was nixed above in the nosebleed because they didn’t want to pay the higher salary most likely and get a better bonus. Hint: the more they cut expenses, the better their bonus now just like Chase. Shocking I know, except to those that have been through it before.
No final word yet. The only certainty is that less $ will be allocated to bonuses. Whether any individual gets less/more will be up to their manager, most likely. Do your job well, and odds are your manager will reward you. There will be exceptions, because humans are involved, but generally that's how things work.
If I had to bet on it, they will drop bonuses a good amount this year to drive attrition, and then next year a PART of that reduction will be replaced, making the survivors feel like they are getting a good deal.
The failed Chase execs are adopting their model of a bonus pool in which the execs get all the bonus and there just wasn’t enough for the peasants. They do it every year.
Enjoy.
more than likely you'll get same this year as last year from a total comp standpoint but if >=$50k it will be a combination of cash and RSUs. <$50k then 100% cash. next year who knows and will probably shift with roll out of job architecture
Very nice
@eju Compensation haven't been shared with management yet, so your manager doesn't know what they're talking about.
BLUF...I don't have any actionable intel on this...just my 2-cents worth...
That being said, if they do go for a mix of cash and RSR, I don't mind a few shares in lieu of cash as long as a majority...a vast majority...of my bonus is cash, which many of us sorely need. With the RSRs, if you depart WF before the date of vestment, then you lose them.
Two years ago, I received just south of $10k gross for my bonus. Last year was just shy of $16k gross. I hope this trendline continues!
My boss already discussed pay and bonuses with the team. No change for us.