For employees meeting expectations, how does the bank justify no merit increases beyond the "it was a hard year and we had many challenges with the numbers". Expenses should have been significantly decreased – selling locations, no T&E, limited facility overhead, limited contractor expense ... not that 1% to 2% was meaningful, but at least it was something. Zero merit sends a very disturbing message. Looking forward to seeing the EC's comp numbers when the annual meeting materials are published.
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I made the unfortunate mistake of working hard enough to get an "exceeds" in 2020 and got myself a pretty sweet 1.3% raise!
After taxes that will almost cover my electricity cost increase in working from home.
This place has no merit.
They can pay my bonus in BTC.
They are still paying lease and rental costs, despite buildings being largely empty.
This cost has not gone away. Plus, they have all the extra technology equipment cost expended to support WFH.
You can't expect a company that made 4 billion dollars last year to give their largest asset a cost of living increase.
Having a "hard year" is an excuse they use when they can't blame it on your below expectations or the team's budget. They just simply don't want to give you any increase and it shifts the blame away from themselves.
But BNYM now supports cryptocurrency! Expect next year's 0% raise to be attributed to a crash on Bitcoin price.