Brian Moynihan has suggested everyone gird their loins to soften the kick in the pants they’re about to receive.
Bank of America told its investment bankers to expect compensation packages that are 25 percent smaller on average, said two people with knowledge of the discussions. Executives gave the guidance earlier this month ahead of formal 2011 pay discussions scheduled for this week, said the people, who declined to be identified because the talks are private. The compensation cut includes salary and bonus, the people said. Jessica Oppenheim, a spokeswoman for the Charlotte, North Carolina-based company, said she couldn’t comment.
will they also be handing out derivatives linked to spirit points?
Wonderful!
BM will personally hand out bad assets to bad assets.
0 * 0.75% = ?
Jesus, those BofA'ers use some crazy math! Would love to see the model for that bad boy.
-UBS Quant
Sure your compensation is going to suck this year, but hey, at least we are not moving you and your family to Charlotte.
~Brian M.
A friend at ML told me his relatively new manager called him in today and asked him how he felt about his review. My buddy said he never got a review. Manager gets a funny look, and starts making calls to HR. Apparently the new manager thought the old manager did the review. My buddy wondered why that would be the case since they fired him in October.
Sounds like Moynihan has it all under control at BAML.
Can we seriously start an Investment Bankers labor union?
"Bank of America investment bankers packages are 25 percent smaller on average, said two people with knowledge of the discussions"
So 25% cut from base AND bonus?!? That's, like, a 50% pay cut! Glad I don't work there.
-UBS MD
Yes: prepaid WalMart gift cards.
What's ML?
Get your units right, son.
It is long overdue, we could strike and refuse to do any interbank funding
you want me to send you a copy of my math PhD thesis from university of Phoenix?
That would be fantastic… for me to poop on.
"That's not the only thing that's smaller this year at BofA" said two women with knowledge of the situation.
Great taste, less filling?
Down 25% actually seems pretty good this year…
-guy who is familiar with OKI, compared it to this, and concluded it is the NKI
i'd settle for 25% off
- CS banker
to wipe ur ten egg white + onion omelet ass with?
Man…Red Skelton looks fantastic!
- Joe Vaudeville
This sounds like we are going to pick up some new customers.
~Joseph A. Bank Sales Team
Really? Because we're ringing up the sales here!
– Chess King
Thats the second unmanly thing you've done today
English. Do you speak it?
No wonder UBS is doing so well, with math skills like this!
CS 2011 Bonus * 0% > BAML 2011 Bonus * 75% right?
FAs reportedly to be paid in "hot prick"
to infinity and beyond!
youre really not all that good at life, are ya?
i approve. woof.
Buy any sport coat at regular price, and get Brian Moynihan's tie that was accidentally tucked into his slacks after a post-prandial dump ABSOLUTELY FREE!!!!
dude—you, like 85 years old? thought you geezers do not do tech
Less than half that. Red was in syndication on one of the UHF channels in Houston in the mid 80s. You'd have to watch him when you came home from school until cartoons came on.
- Still a Geezer
Mug
bonuses were "shitty", right Tom?
how does 25% cut of X and 25% of Y equal a 50% cut? somebody please help me!!!
1st yr associate here – bank of america exceeded my expectations this year…not everyone was paid down
maybe my letters are heading to Steve C!