Thread regarding Bank of America layoffs

Your ability to be a kool-aid drinker and sunshine pumper goes up considerably.

I'm band 5 earning only 60.

Probably more of the delightful on-line training as you go up.

@2thx+1bVKtYu0 here is some info from an old post, I think it's still pretty much valid and a good point of reference. I think intelligent people should do the work first and research before asking questions on this board. Why should we do the work for them?

https://www.thelayoff.com/t/ZnPwkIQ
Post ID: @OP+ZnPwkIQ
Bands don’t determine pay as much as functional titles do. Investment Banking Analysts who earn six figures are Band 6 yet some call center reps are also in this band making $50k. Bands really come into play at certain points- Band 5 means you get 20 vacation days plus floater. Band 4 used to mean that one’s annual bonus had to be split between RSUs and cash based on the Board’s comp committee’s allocations for that year. This changed in 2019 and now Band 5 is also subject to RSUs if their annual bonus is >$50k. The split is determined by Board. Band 4 is minimum for Director/SVP title (but one can still be VP in that band). Band 2 is level of running a functional LOB. Like ISG, Retirement. they make huge salaries and get massive RSU comp.

I know several Band 5s that pay $200k (base and bonus) and some Band 4s only making 150.

Bank of America Band Salary Numbers

We get questions about salary levels for different bands at Bank of America all the time. This board is littered with similar questions (there is one below) and there is a ton of posts on this on Glassdoor and Payscale website. Here are some examples that you may find useful, based on my expeireince, rumors, things I’ve hard from peers, people who left, etc. Keep in mind that things will depend on the grography we pay more in high cost areas such are San Francisco or New York – it’s lower in the South, etc.

BAC Band 8 Salary Range: $22,000 to $32,000

BAC Band 7 Salary Range: $30,000 to $50,000

BAC Band 6 Salary Range: $45,000 to $80,000

BAC Band 5 Salary Range: $70,000 to $125,000

BAC Band 4 Salary Range: $100,000 to $250,000

BAC Band 3, Band 2, Band 1 Salary Range: $250,000 to A-LOT

The last cohort is B3, B2, B1 – exec positions, there is a ton of performance bonus stuff being built into this total comp – has to do with how much money you make for BAC – you can make millions in this band(s).

Also, always think in terms of total comp as you climb up the ladder, so once you hit certain levels you do not care about salary as much as bonuses, stock, etc. will contribute more to your total comp than salary itself. Now you get the point here…

Also, I may be off here or there but the numbers are good in general. Feel free to correct me and chime in with your own numbers.

@2qcq+1bVKtYu0 - The question originally posed isn't what this board is about, so that alone may make folks bristle at the question. But the salient point here is that there is never a valid reason to call someone a du.mb a$$ (or any other derogatory name) for asking a question.

@1fjm+1bVKtYu0 The only people who can answer OP's question are the HR and/or his boss. Someone fairly smart and educated should be able to get that info independently without asking this board such a vague question, given the fact that a bands 4 have different structures in each division i.e. GWIN, GTO, etc. The person responsible for the bonus pool is the manager or a sr. manager who will allocate a percentage of that pool to each employee based on certain criteria.

@1kwd+1bVKtYu0 - that kind of comment is unnecessary. Your boss doesn't necessarily have the answers, and not all bosses are receptive to those kinds of questions. And even HR might be an uncomfortable conversation for some. At one point I was a band 5 with band 4 associates reporting to me...so there are all kinds of configurations in structure, knowledge and receptivity.

@OP+1bVKtYu0. The only thing of note is that you move into different bonus pool. That said, it doesn't necessarily follow that you will get a bigger bonus, but you have an opportunity for a bigger bonus.

No difference in benefits between the two bands. The stock vs cash "shared success" payment is dependent on total comp rather than band although band 4 more likely to have higher comp generally.

Not all bands are created equal. It all depends what division/department where OP is but I suspect that he/she is pretty du.mb to ask that question on this site so he deserves the right answer. Solution 1: Contact HR. Solution 2: Ask a person in that department who is a level 4, preferably YOUR BOSS you du.mb a$$. You're welcome!

I'm at Band 5 and I got stock instead of the $1000

Same 4 weeks of vacation but Depending on pay you will get stock instead of the 1000

same benefits between the two bands but hopefully the YE comp is higher

No