After news reports several weeks ago that BofA would increase base salaries for investment bankers by as much as 70%, the bank put the plan on ice because of the negative press the plans garnered. Nonetheless, senior management in the Investment Bank and in Personnel have continually communicated their intention to push forward with a meaningful increase in base pay. Rumors of a pending salary increase continued and yesterday bankers checked Personnel Online and noticed a significant increase in base pay, seemingly indicating BAC had actually come through for once. Not so!
Apparently, personnel accidentally added the new salary to the old salary, instead of replacing the old salary with the new one.* For example, an Associate saw his base go from $95k to $205k (instead of the $110k it was supposed to); a VP saw his base go from $150k to $350k (instead of the $200k it was supposed to). After ~2hrs of jubilation, bankers got a note from Personnel apologizing for the error, and folks resumed not working.
*The new one being a modest increase in base pay that is in-line with a typical year-over-year increase in base pay, but not a significant increase that would signal a new approach to comp structure.
BAC -> Boone all around.
PSYCHE!!!!!
-Wildcard bitches
Wideclops becomes Cashclops
Cashclops becomes Suicideclops
Caption Contest
http://bit.ly/1H6L8n
Winner: ‘Just dont look down’
fucking Lewis, man. FUCKING LEWIS!
I would club the wideclopse in sight like a baby seal..
hey, it’s not like KL sold his hedge fund for a bazillion dollars before taking this gig, and is willing to pay out of his pocket….
BAC employees should have known better. Only their credit losses increase that fast.
i just checked the ticker for FAZ and i JIZZED, IN, MY PANTS!!!
After the note was passed out, Ashton Kutcher jumped out from behind a ficus tree, jubilantly exclaiming “You all got PUNK’D”
@9 FTW
Oh Africa Brave Africa…it was a LAUGH RIOT
How the fuck do you screw something like that up? Seems beyond retarded.
-@14
Boone + Wideclops = “Why Choose Bank of America? Perform well, get rewarded. That’s why I work here. My success is upto me.”
And ofcourse, upto Mr Boone.
How special.
http://careers.bankofamerica.com/overview/overview.asp
Great plan:
1) Rush out bonuses to ML bankers
2) Award sh*tty bonuses to BofA bankers
3) Layoff a ton of bankers (mostly BofA)
4) Tease remaining employees with promise of salary increase
5) F that up
Gotta love the “bank of opportunity”. And by opportunity I mean “ass clowns”.
that bank of america website is a hoot.
The BofA website is like a twisted version of “help me Obi One you are my only hope”
I am a VP at this crappy bank. My new base is 150. Is the new level supposed to be 200 then? They fooled my twice, shame on me.
VP as well. 150.
…when they f you on your bonuses next feb, they’re going to note your base increase as one of their reasons….bofa is a commercial bank…..bofa never pays investment bankers because charlotte believes investment bankers are way over paid. when charlotte sees historical 2008 merrill bonus records, they are going to giggle and interoffice vaseline in lieu of compensation. you’ll be happy you at least got the base increase in feb.
Investment bankers are overpaid.
@21 spot on. will be the excuse for not paying out in feb.
@22 spot on.
anyways, these investment bankers won’t make much money going forward because they don’t control the balance sheet. point being, the credit side manages capital allocations; they make the decision on which deals will or will not get done. and oh by the way, the credit side is getting screwed again. no salary adjustments for the credit side means they say no to every deal that comes their way. no capital for the bankers to chase revenue means no incentive comp for them in feb.
150 for VPs confirmed. Not enough to justify the coming zero in February. That’s right, new ML friends, welcome to the club. Get out while you still can.
150 for VPs confirmed. Not enough to justify the coming zero in February. That’s right, new ML friends, welcome to the club. Get out while you still can.
Back when this was a rumor, whoever wrote that headline, “This Will End In Tears,” sure wasn’t kidding. An extra 10K here, and them looking at me like I’m supposed to be grateful.
i’m an analyst. i’m making 200
okay, I will bite…
What is the new base for band 4 principal and band 3 MD?
I guess this means zero bone now….
Im in Asia and havent been told yet nor see it reflected on HR intranet site. I understand local HR gave bosses presentation on Fri about salary reviews so assume we learn Mon. Sounds like VP new base is 150k on consensus above. Can anyone from the US confirm Principal/Director and MD level?
In Soviet Russia Dumps Strump you.
Yes I can confirm for for you – VPs went to 150, Principals are at 200, relatively new MDs are at 250 and people that have been MDs for at least 2 yrs are at 300. The same for all locations regardless of what people were paid before and regardless of performance. Yes – BofA has found a way to shoot itself yet again. The high value employees will continue to leave of course, yet BofA will pay more for the non-performers.
Not true, at least not in IT in NY.
@32- can you read? we’re talking about the investment bank, not fucking IT.
Thanks #31…Tokyo waiting patiently
Im in London and nothing. Even if they do increase our base then I wouldnt expect by much and if management do then I think it will only be for the likes of MD’s to stem the many leaving. Back to doing nothing…
What about Associates? Did they receive a bump in pay, if so what?
Associate 0 (stub)
Associate 1 (first full year)
Associate 2
Associate 3
2008 Associates – no raise; still at 95k
2007 Associates – 15k raise from 95k to 110k