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.