10 shares is worth like 450$. For a few months, you could save that much on taxes by just putting more in your 401K and if you really wanted, put more allocated to BK stock. What was probably given up to make this 10 shares gift happen was probably worth more....anyone can be an owner if you have a 401K....What are they really doing here? am I missing something that is really positive about this new initiative?
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I miss Todd. Todd was a good man and never pulled fake good news stunts like this cast of clowns. I’m disgusted.
There has never been a better time to initiate a job search than now. Not only are you bound to get a raise, your benefits package is bound to have better medical coverage.
Just do it.
Absolutely. it’s a clear knee jerk reaction by Sr Mgt after realizing how badly they f’d up the 401K.
We all are sick and tired of the annual scheming with annual weasel worded emails announcing and sugar coating cuts to the 401K match. But with this annualized match we lose all dollar cost averaging, we give Senior Management a perpetual interest free loan which never gets paid back and the weasel worded email even implies that the match is optional and virtually guarantees that it will be decreased. The degree of weasel wording in this particular 401K gutting announcement is stunning.
The 401K hasn’t been competitive with other FIs for well over a decade and it’s now worthless. Far better to save in an external Roth IRA with no match.
This is far worse than anything that even Charlie could have dreamed up.
It’s a scrambled response to the negative feedback on the 401k change, is my view. And them announcing it in December, for both, is not coincidental.
It’s a drop in the bucket they won’t miss, because the accounting of it will somehow be a benefit to the corporation. Want to impress me? Have the EMC give up their bonuses,
Remember when the Trump tax laws took effect in early 2018? PNC gave every employee a $1000 bonus. BNY “invested in technology.” The results sure prove that.
The stock award is embarrassing - would be better to award nothing at all, than a measly 10 shares that will vest in 3 years (or not vest at all - goodbye).
It's right up there with, when a few years back, my department gave taxable $25 amazon gift cards to each employee in lieu of a Christmas Party. The point is that I expect nothing from this company, but when they make an attempt it's somehow worse/sad.
So soon when we are all owners, we can create more internal conflict by telling our bosses when someone is slacking off…..after all, if they are not working 12+ hours a day or more, they are just bringing the value of OUR company down.
Act like an owner, because you actually are one now (well in early 2022). RV put the money where his mouth is.
A 22 year level stock price is a serious loss against inflation. $162.77 in 2022 has the same purchasing power as $100 in 2000.
https://www.calculator.net/inflation-calculator.html?cstartingamount1=100&cinyear1=2000&coutyear1=2022&calctype=1&x=41&y=26
There are reasons to hold BK stock
To note the obvious, BK stock is the only holding in Voya that has no fees. For those who think that they aren’t paying fees I encourage you to read the prospectus for the funds.
it’s also worth noting that ING changed their name to VOYA immediately after they were caught stealing money from their customers and other shenanigans. Even though we owned Dreyfus we hired Ing/Voya. That’s like hiring Bernie Madoff the day he gets out of jail.
Anybody know the back story on that one?
https://www.smh.com.au/business/ing-takes-a-30m-hit-in-accountancy-fraud-case-20120215-1t6ru.html
Friends don’t let people acquire BK stock. Free unrestricted BK options that can be cashed in immediately are the only thing that I would accept. Remember that Bridgette cashed in her $6 million options on her first day. It didn’t really send us serfs a message of loyalty to the bank, but in retrospect she was wise to eliminate all personal financial risk
The hold period is 3 years!!!!!
I had a very small amount of BK stock in my 401(k) years ago. I signed up for the Voya management (free for six months) to see what they would do differently.
The first thing they did was sell the BK stock and move the money into my other funds.
That was it. No other changes. Made me laugh at the time, and I never bought any more BK stock.
Unless the market carries us, BK stock will never be worth more than $45. It's been 14 years since the merger, 5 CEO's, and their promising business plans, but no increase. Other than a dividend, this stock is not a "buy".
My 10 shares from 1999 are worth about the same as in 2022.
@OP: "10 shares is worth like 450$" - Just wait until the stock price drops back to $30/share, which should be in about a month or so.
It reminds me of the constant revisions by. Big brother of chocolate, coffee allotments and who Oceania is at war with. Life imitates are for sure
How much of a kick back is Fidelity giving to open potentially 45,000 new accounts?
This company is such an embarrassment.
…the RSUs are part of your 2022 annual incentive award. It’s unclear how much these are valued at and by how much your cash incentive is being reduced…watch out what happens next…
Read the details more closely. We will be taxed on the grant in February by redeeming shares to pay the taxes. So that 10 will become 7. Three card Monty indeed!
"What are they really doing here? am I missing something that is really positive about this new initiative?"
Reduce cash expenses during bonus payout time, as this means reduced operational expenses and the Street loves that.
The hilarious/tragic part about this is that you know darned well that RV or whoever came up with this brainstorm thinks it’s brilliant, when it’s so weak that it’s insulting.
I was telling friends about it and they couldn’t believe it.
They got it into Bloomberg…mission accomplished. Breathless reporting about how BNYM’s generous benevolence is unprecedented on the Street.
Didn’t happen to see anything on the 401k perfidy, Rockin’ Robin got that one buried.
It's called Three Card Monte. You might be confusing it with the fully monty ...
I believe on the street it's called "The Three Card Monty". Keep your eyes on what's really happening here.