Re: Bearpont Morgan Chase employees being compensated (partially) in stock, we’re told 50% of the worthless portion (JK…JK I’m serious) of their bonuses will vest after two years, and the other 50% after three. In related news, the House of Dimon has instituted salary freezes for all worker bees making over 60K, including those who’ve been promoted (“new positions take effect at old salary”). The freeze was rumored as early as September, but MDs apparently claimed as recently as two weeks ago that promotions would go through “at less than expected salary bumps but increases still, and also that standard raises across business lines were coming. Now they’re saying we will be taken care of mid-year, ‘once the pressure is off,’ but no one has their fingers crossed.”
On the one hand: that’s cold, Dimon. On the other: it could be worse?
Earlier: Bonus Watch ’09 JPM
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- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
I’d be pissed and have bad affect if I got screwed out of a raise, but new positions should “take Effect.”
What time do the serfs light the torches?
Dealbreaker has a culture of greed, not grammar.
The famous three lies:
1) The check is in the mail
2) I won’t cum in your mouth
3)I know you’re disappointed by your bonus number but don’t worry, we’ll take care of you next (mid) year
@4… you couldn’t be more right
@4 – hows brooklyn?
@4…yikes. Is #2 really a lie if you misfire in the eye?
@7 ask your mother
Handing out new titles without pay raises is a classic zero-cost compensation strategy for management. Now that you’re an officer (or a more senior one) it means more work for the same pay. But you get new business cards!
…once your previous business cards run out. no sense a-wasting ‘em
After @4 heard lie #3 today, thereby completing the trifecta of being on the receiving end of all three lines, (#s 2 and 3 both delivered by his MD) @4 ponders going back to Yale to study English literature.
is this what passes for news here these days? That vesting schedule has been the vesting schedule since the Bank One acquisition, and there have been freezes on raises for years. All they’ve done is lower the threshold as to who gets caught up in it. We’ve had to average out to 3% salary increases during the comp process since 2004 or 2005.
Try this: Your job has been eliminated, but you have been promoted.
May I respectfully suggest using Bearpont Morgan ChaseMu?
People in banking seriously don’t expect to be treated like dirt?
Without the excessive money, what is the attraction? Being a junior VP earning 100K in NYC….hmmm
@13 – is that how they do it in Ops.
Because for the groups that “generate revenue” there have been standardized salary increases for as long as I remember
@18- you clearly have never managed a comp process at JPM. When you get a comp pool that you need to divy up and fight for, and when you have a bottom line salary increase number for your pool that you need to hit to, then come back and post again.
I’m not talking training or analyst programs. I’m talking a global unit.
“Because for the groups that “generate revenue” there have been standardized salary increases for as long as I remember”
Most banking groups generate roughly the same revenues as ops groups these days.
i AM pissed off!
Long time ago I was told by a boss, “Money? Money comes and goes. Titles are forever”.
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Employee at chase uses photo with Dimon as aa license to steal.
Employee at chase uses photo with Dimon as aa license to steal.
Employee at chase uses photo with Dimon as aa license to steal.CHASE.
Employee at chase uses photo with Dimon as aa license to steal.CHASE.
Employee at chase uses photo with Dimon as aa license to steal.CHASE.