$90k is too low. You need to account for benefits (healthcare, 401k match, HSA funding, etc). That's usually around 30% (ours may be slightly higher due to what's in our package). I would use $129k as an 'all in' number. Est buildings maybe give you $50m, so $450m left you need about 3750 in headcount (~10%)
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Director level 60 here. Base pay is $250K. Bonus and the RSUs put me north of $300K.
20% MDs. 18% directors.
Agreed the target is 5%. Announced Thursday to key personnel.
Not the case. There are 2 different 500M buckets:
- One 500M bucket is made up of real estate savings plus workforce reductions.
- There's another 500M bucket made up of final savings from shutting down TDA broker dealer ( e.g., data center, software and systems) plus workforce refuctions.
It's possible that the combined workforce reduction from the 2 buckets will be 500M, but we don't know that.
Lots of directors going, who's average total comp is around 300k. I'd say probably around 1500 ppl.
@1qzz+1o4HRyt3 no it's $500m real estate savings and $500m headcount cut for a total of $1B annual expense savings.
The lease savings of buildings closing will also take a bite out of the 500 m.
When was this shared?
5%. It’s already been shared.
Around 500 if they really do inverted pyramid. Rick gets paid 10 million base salary. That’s easily 2% of the savings right there if we don’t account for his bonuses and benefits.
Base but also need to include taxes, bonus, benefits, “inverted pyramid”…
5,555 if you are using $90k as the salary for everyone. They will let go people that make more some that make less so I’m guessing 3k-5k people