I see many b5s having the same exact responsibilities as b4s. I’ve heard you don’t even get that big of a salary bump moving up to b4, if any. This is unlike any company I’ve ever heard of. It seems it’s either you’re a band 3 or a peasant. What is going on?
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@67v “ When you become a manager, you will see the comp scale for your division.”
My $hithole manager makes lot less and never give damn fu-k pay hike after looking at my pay he joined few years later and his salary is less than what I make
@5t4 Some of our B6's are making between $125k-$150k and some B5's making $100k-$118k,
@54w - which RSUs are you speaking of? (there are many, many categories, depending on the divsion, band and role across the company.
The most common are the Shared Success, which are offered to the most employees, and there are only 4 tiers of the SS RSUs, with several bands within each tier.
There is a big jump from B4 to B3, but I think all the B5s, B6s, B7s are in the same tier. (it's been a while since I saw the chart for managers back when they launched that program)
Then, there are RSUs that may be included in a person's YE Comp (like YE bonus combo RSU/cash, or all RSUs instead of cash, which totally sux.) Those are at the discretion of the direct manager and approved by his manager. The amount varies each year depending on how much of the pool your manager fought for.)
@5pz My team has a number of B5's making $150-$190k base salary so I really doubt a B6 is making anywhere near that. (Core Technology Infrastructure)
About seven or eight years back, our B6s had their average bonuses folded right into their base salaries so it's guaranteed every year. On top of that, B6s also get overtime pay. Because of this, quite a few B6s end up making a heck of a lot more than B5s do in my org, even when you count the B5 annual bonuses.
Titles don't matter for Comp. (although most focus on the title anyway. Naive mistake. Titles are free, except Managing Director in Investment Banking, although that's debatable these days as well, since they hand out titles a dime a dozen when they can't (or won't) pay people.)
Bands, however, DO matter. This is what determines your comp (salary, RSUs and any cash bonus combo you might get, as well as the silly little Shared Success RSUs (which are so ridiculously small, should just be handed out as cash for lunch money. Although Mngt does enjoy publicizing the big aggregate number in the press each year.)
Back to Bands:
- Every job code is assigned a Band
- In most cases, salary ranges between Bands overlap
- YE bonus (cash/RSUs) are determined by Band
What changes as you move up the Band structure is is how much salary upside you are "potentially" eligible for.
For example, in my current role, my manager tells us that he "cannot increase our salary b/c everyone on our team is already at the top of the Band" for our role.
As for bonus, that is simple math. Managers are told "take it up/down by X% each year. They have some discretion how they dole it out, but it's a rather tight squeeze unless they royally sc--w someone to pay others.
So yes, definitely focus on your Job Code and Band.
Titles like VP, SVP, etc. may give you a bit more clout in your little meetings, but they absolutely do not pay. (unless you are an MD in Corp/Inv Banking, Markets or GWIM. EVP is a good title too, but that implies a B2) Again, the Band.
@a3 Im a b5 and get the same exact RSU as my counter part that is b4. However I get more than another b5 that has a lesser salary. Seems to be salary range related vs band. At least between 5 and 4 anyway.
@OP Blah, Blah, Blah... I am a B6 getting ready to retire. One less person to support a whining B5 or B4.
@c0 as far as I know, titles don’t mean anything in most parts of the bank
@a3 don't mean to hijack the thread but are the bonus pools higher with titles to or titles don't matter?
B3 or peasant sounds about right.
I was offered 10 percent increase from a band 5 to band 4 move. GTO org
This is considered an in seat promotion, maybe I had too high expectations.
The best part of all, it sc--wed me out of my annual increase of 3% for E/E, so basically it was 7 percent. Thanks HR, maybe it’s because I’m a goyum.
What an absolute joke!
Bonus pool is larger and B4 also get more in stock awards (RSU)