Thread regarding Bank of America layoffs

Started 2 years ago, no raise in 2020 cause "pandemic". Got a "promotion" with a 9% bonus (slightly better than last year) and a 5-6% raise. However, new hires/fresh grads are making way more than me starting out and I'm now a level above them. Pushed back with my manager and my skip manager, citing added responsibilities and new hire pay, but they said my "market rate is lower than the new hires". Well that sure tells me what to do.

Ironically, the LOB head was talking about how we need to improve retention. If only there was a way...

TLDR: Got a promotion and essentially took a pay cut, making lesser than new college hires.

I see many of you who don't like your bonus of x, your salary increase of x, and/or stock options of x

Ponder this... maybe, just maybe, the increases were less than expected because we are trying to hire QUALITY employees? It's painfully obvious that we need more people, technically we needed employees before people started quitting.

Personally, every year has been different, some good, some bad. I could care less about a title change, I know my salary is on par with the market I'm in. I do my job regardless of compensation. I could complain about what I received but I won't because I wasn't expecting anything. Year after year I get what I get and don't complain.

I'm not telling anyone to stifle their feelings about your compensation. Free speech, I believe in it and support it, so go for it, voice what you will. I am sharing my personal thoughts, and I'm sure someone will flame me in some way. Go for it.

I have a job, period. I'm thankful that I have the ability to provide for my family. Again, just sharing my views.

: @bxi+1eZOOz2k - might sharing how you got 30% +???

Cr-p 2% raise..bonus slightly under 2018 and 2019 compensation..

3% raise. Bonus was 15% higher. M/E and in a sales role.

15% pay increase due to title change and $4k bonus. Exceed/exceeds last 6 years
I know I'm the odd man out
Last year my raise was 3% and bonus $3000

Just to add fuel to the fire… what a joke. Just goes to show how much we are valued. Lol

https://www.reuters.com/business/finance/bank-america-raises-base-pay-top-bankers-source-2022-01-26/

This is the kid of stuff the media needs to be made aware of.

2%, eff this place. I am planning out my exit strategy and will give them a lovely interview on the way out. Shameful that they’re making record profits and can’t match inflation. The majority of us got pay decreases.

They should...they act like it cost the company so much for doing us a favor...so i can tell my wife and family I am an SVP, but doing the same thing I ve been doing since my first job...

Title changes don’t impact salary.

2% with 6k bonus M/M

M/M B5 making in the $70-$80 range. I got 3% + 3%. But, I got nothing for my band promotion and nothing for my title bump. If this is what "greatest performance ever" looks like, then I am very discouraged.

After looking at some of the data points in the below thread, it’s shocking, and not in a good way.

I moved positions mid year, with 7 percent increase, ended the year with M/M

I was shocked to see I got a 2 percent bump this year, honestly was not expecting anything on account of the mid year move (bank screwed me previously)

Ended with 6k bonus which was up 2.5k over prior

Best advice I can give, every 3 years considering moving roles or take the experience you learn, whatever that maybe and move up and on.

Don’t live in fear or get comfortable, you’re only loosing money and let’s face it, we all know there are some folks on a team where you think to yourselves how the he-l did they get here. You can do it, have faith and confidence in your abilities

There is ample opportunity, you must take the wheel and drive your own path forward.

Also, as an aside looking between the lines on the stock bonus announcement, nice to see 3% of the staff are making over $500k … can you imagine? That’s a 20k paycheck every two weeks (gross, not net obviously). Must be nice

@myl+1eZOOz2k You just gave them enough info to figure out who you are. Good luck!

3% + $3000 bonus

Only 2% raise this year....and $5,500 bonus (although taxes take almost 1/2). With inflation @ 7% and our 'extra' bonus of $1,000 not coming this year, definitely a pay decrease. Knowing young people w/ no experience are coming in @ $25/hr (by 2025...$21/hr currently), sure is a slap in the face since I certainly didn't get that $10/hr raise and my review was 'Exceeds'.

havent heard from my manager. moved from GBAM side to CWST. Not sure how they do things on this side of the bank.

Last year overall comp down 12%

Haven't gotten my numbers yet, but so far these look pitiful consider the current increased cost of living situation for everyone

Rating: Meets/Exceeds

Year 2020 raise: $4,000
Year 2020 bonus: $3,000
Year 2021 off-cycle pay increase for promotion: $6,000
Year 2021 raise: $0
Year 2021 bonus: $4,000

Disappointed that the net result for the promotion is $2,000, given I probably would have gotten my typical $3,000 - $4,000 raise. I feel I could swallow that better if the promotion raise was $10,000 or so, or if I would have gotten typical raise end of the year.

I've been with the Bank for 5 years, each year a $3,000 - $4,000 raise and a $3,000 - $4,000 bonus. Ratings don't seem to matter, nor does BofA profit in any significant way.

1. 9% raise and 9% bonus

0. 65 raise. No bonus.

They get what they pay for

Haven't had my comp meeting yet. My offer does specifically state a bonus amount and I am m/e. First year at the bank, I should be fine to expect at least the amount stated right?

M/M, 2 % raise, 6 % bonus
Wth is 2 percent raise for?
#timefornewjob

B4 High M/M - work in GCOR: 2.25% raise ($120k to $122,700); bonus is 7.75% more than the 2019 PFP (bonus was $11,600 for 2019, $8,120 for 2020, and $12,500 for 2021 pfp)

The base bump is, as everyone points out, pitiful. The stock awards are fine, if you plan on staying, as they vest 25% over 4 years. So next March, 25% of the stock award is mine to cash out.

The bank is not keeping salaries in line with competitors, and that will continue to hurt them. They have made so much this year. Best year ever! It's hard to hear that and know they only bump pay by 2-4%

A lot of people got useless stock options. ..provided you still work there when they are useable and that won’t be for years. A new angle on slavery!

B4 in Consumer. M/E. Got 2.25% raise and 12.5% bonus. Bonus is ok, back to where it was prior to last year, raise is typical for BofA, if even on the low side. Definitely bad for a year with 7% inflation.

1% salary hike when bank made $32 Billion. Way to go BOA!!

High M/M 2.5% raise + 3% bonus. It is not enough to cover inflation, plus the wage compression with the new minimum wage creeping up right behind my salary after 20 years here makes bitter taste, even though I suspect I did better than some others.

GT&O m/m 2.5% salary bump and 4k bonus. Also an insulting speech on how much i am valued and manager is sorry the reward was not better but blah.. blah... blah.... FY very much BOA.

0%. Promoted last year and got increase then. Bonus increased a couple thousand.

Still stings.

3%

3% salary bump, $7,000 cash bonus, exceeds/exceeds

Reminder to all, inflation is at 7%. What am I doing working here?

3% raise, exceeds/exceeds and a $7,000 bonus. Reminder to all, inflation stands at 7%…

3. 5% salary bump

Digital team—no raise, 9.3% cash bonus.

Joined this team back in late summer—been with company since July ‘19. Had significant pay raise (>30%) joining the team, so this likely resulted in no additional raise.

Also, maybe share your ratings?

1. 5%

0%

Barely enough to cover the cost of inflation even with a promotion…..