In Technology, GRM, Business banking, Audit, Ops, HR etc?
16 replies (most recent on top)
@fjip+1ppN56RP - I am B3 and would more than happily "go away" if they offered me a package, which is why I am lurking on a site called "thelayoff.com" for any whiff of severances. Just point me to where I sign up and adios!
Heard Comp as 350k to 650k. Bonus varies by org and can go upto 350k
I went from B5 to B4 in 2021. My incentive pay is 33% of what it was when I was B4 (received no real raise relative to inflation). You would assume access to a substantially larger pool every year record earnings.
So the question beckons, what's the damn purpose of a promotion? Essentially if you are a full-time employee and your work over 40 hours a week, that incremental time you spent is "free labor" to the bank and they will never reward you. In fact they basically just insult you.
Every so often senior leaders get flushed out (not surprising) because they add no value. They come in talk grandiose promises and it works on the new staff who maybe join or the younger kids who are naïve. But fast forward multiple years of consistently nothing. OF COURSE NO ONE IS LEAVING. Congratulations you have HABITUALIZED THE FACT NO ONE EXPECTS ANYTHING YEAR END. THANKS because with no real REWARD system people just decided they want to work on their own hobbies, health, or families. Because at the very least, we can be happy with that.
Personally, I think B3 is an unnecessary layer that should go away. Everyone knows that it’s the B2s who make the decisions and B4 and below that execute all the work.
@dvpk+1ppN56RP - question as phrased by OP too broad/vague.
"Does anyone know....?": Asks for a Yes/No response. (Yes, I know. No, I don't.)
So, respondents did answer correctly.
If I try to guess what OP might really be asking, WHAT do they want to know?
- Are bonuses in the named groups up? (or down?)
- if so, by what percentage?
- Or by what $$ amount?
Or...
- Was OP's question more like "What is the standard range for B3 bonuses at BofA?"
Just be more clear in phrasing questions to receive the information you seek, that's all.
Signed,
Confused by the question, not being snarky.
B3 bonuses this year directly correlate to your ability to reduce headcount.
What's with maybe and yes answers? OP wanted to know the numbers clearly
The numbers being referenced are not accurate. B3 comp and bonus is the same as a B4 and in many instances there are B4 with higher comp and bonus.
@3esh+1ppN56RP - depends which LOB and team the B3 is in, plus geography as their is a pay differential for London, NYC, etc vs. say Iowa. Also, whether revenue producer (front line client facing) vs. expense center (Tech, staff support).
The numbers you cite are pretty average for a B3 in the groups I've seen. I've seen some below and some higher than these figures.
Regardless of the figures will be the guidance to managers from the bank's Comp Committee and HR: Take last year's bonus up or down by x%. Pretty much consistent across the company, unless some sales area really kicked a$$. (and even then, we don't always get paid)
So depends what you got last year and how the bank's number look heading in to yearend.
I read some time back about a B3: $180k base, $80k bonus, $40k stop options. Who knows if it’s accurate or not.
Some one told me that B3 bonus varies from 30k to 200k. Total comp varies from 350k - 600k
B0 (zero) is the best.
A big gap betw B3 and B1/B2.
Things are a little rough so only toothless strippers
B1/B2/B3’s always get $$$$$$ bonuses
Maybe
Yes.