Heard from internal sources that managers were asked to cut bonuses by more than 50 % for people that were layed off in Jan. This is 2022 bonus where you worked full year and people deserve to get 100 % … this was done even if you got meets or exceeds expectations
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I think they mean that the 100% bonus is what was originally approved and after that approval, they were told to reduce by 50%
Sorry but that’s ridiculous. There is no such thing as a 100% Bonus. 100% of what? A bonus is discretionary and if you receive anything at all over your paycheck it is a bonus.
The bonus process has always been unethical. Let New Yorkers divvy up the pool and lie to all non NYC sites that Bonus pool was decreased. Oh yeah we’ve seen & heard it all.
BONY has been cutting our benefits annually every single year since 2008. You just noticed this?
Does BONY plan to buy another well run regional custody bank now that they’ve lived off of, feasted and picked apart Mellon’s carcass?
“Heard from internal sources that managers were asked to cut bonuses by more than 50% bonus where you worked full year and people deserve to get 100 %”
What does this even mean? 100% of what? If you ever get any Bonus on at all on top of your regular pay that’s a bonus, no matter the amount.
As always I encourage all employees to begin a job search. Be positive in interviews and take the high road when asked why you’re leaving. The toxicity of the Bank is well known throughout our industry so you will be admired for your restraint.
Good luck in your search.
So… you’re whining about your (lack of) bonus?
People whining about their bonus are sickening. Many of us were shafted with zero bonus.
Get out now. I did and I’ve never been better
The bonus process was unethical. I was cut 60% and my former manager confided that the number was much lower than she had input for me, but she was told to just communicate the number on the sheet. I worked for Bank of New York / BNY Mellon for almost 19 years, putting in 60 and 70 hour weeks when necessary. I didn’t always agree with changes taking place, but I believed in the bank and I believed in the decency of people like Gerald Hassell and Todd Gibbons, who I had the honor to meet and work with many times over my career. This is a different company. It ended with Todd. Robin Vince is not a steward. My wife put it best, Robin is running the firm with a hedge fund mentality, destroying value for short term personal gains.
@4rch+1l9V7Ev9 ouch. That is just ridiculous.....my sympathies.....what a kick in the a** on the way out. I do hope you got lots and LOTS of sub pay tho......
I just checked mine and I wish it had been cut by only 50%!
It was actually cut by 85%!
That literally is like a slap on the face. Disgusting people.
@3qto+1l9V7Ev9 yes go to the portal there is a tab "My Documents" adjacent to the "Separation Documents" tab....
I can verify that this happened last year as well. I was shafted.
I can confirm this. If you are leaving hang on until the bonus is in the bank. Don’t trust your manager with an earned bonus.
@3qto+1l9V7Ev9 which exit portal? Buckconsulting? I dont see it
50% cut confirmed.....comp letters now visible in the "exit portal"
Not surprised. It used to be 80%. Now 50%? Sad reality of a company like BK that constantly misses expectations.
People who performed and worked all year in 2022 deserve a 100% bonus, i cant imagine BNYM can be so cheap to make use of layoffs to distribute bonuses to other people in the group…but looks like thats the case this year. Never before did we cut bonuses for people that were layed off…they were paid full bonus, managers didnt have a chance to change the bonuses. Guess…new management so new rules..BNYM should change their values especially the one that talks about ethics …
Bonus is discretionary, be glad if you received 50%, could have been 0
I got zero! But 10 RSU’s! Whoop
Whoop
Even high performers who leave after a full year often lose their bonuses. Do not trust your manager. There is no honesty or integrity in BNY.
50% kick to the ba--s is better than 100% kick to the ba--s!
I wouldn't be surprised!
True. I met expectations and got a 50% kick to the ba--s on the way out.