Heard that the original merit increase/bonus pools were bad (20% less than prior year) but managers submitted them many weeks ago.
Then the already bad pools had 40% taken away and managers had to resubmit.
Now hearing whispers that they have been sent back down to managers again with the majority of employees now allocated nothing.
Dont worry --RV is going to get 1M sal and about 10M bonus + stock. You guys are at the bottom and deserve scraps if that ... if you disagree go find another job.
This not me saying it .. Its your executives.
Insolvent LOL. Drama Queen much?
If you downvoted the "Pretty big contrast to the lip service Robin was yapping about at the worthless Town Hall today" post, then you're an id--t or Robin (in which case you are both).
And Robin Vince just had the nerve to tell the Senate that he commends the 50,000 employees who do all the hard work. Commends I guess means maybe a pat on the back. Certainly doesn’t reward the workers with merit increases or bonuses that reflect that appreciation.
@1sin+1pXb40Zu
What "cat 7 & 8" stands for?
LOL… no, not even close to insolvent.
But we are trying to cut as many expenses as we can. Every darn year they cut expenses. BONY raided our Mellon pension to the point where many of us receive 30 cents on the dollar. The Bank’s medical has been cut yearly since they deemed it a “Cadillac Plan” after ObamaCare required a tax on “Cadillac Plans”, formerly known as regular medical plans.
The main expense reduction will always be layoffs, but the death of a thousand cuts to any and all benefits continues and will continue.
Post ID: @1sin
What do you consider decent? A one percent merit for most of us means less than a thousand dollar annual increase or roughly 48 cents an hour before taxes.
Listen yes the amounts were lower than last year and yes we did get push back to cut them down after the initial submission. That said the only folks getting nothing are cat 7 & 8 or BE’s. Everyone else will get something. Merits aren’t that bad I would say most will get a decent bump.
In the past 40 years merit increases & bonus pools have always been underwhelming. Worse, they’re cut every year. Virtually no long timers ever even keep up with inflation.
The only way to beat inflation and actually receive a real raise is to work your tail off to suggest and lobby for an invaluable project, sell it to senior management and bring it in successfully. It needs to be so visible and successful that you’ve made yourself invaluable.
I’ve done that twice here and both times I came through. It made my career. So don’t believe the naysayers who tell you to never think like an owner.
Some things will never change at the bank
Serious question : is the company becoming insolvent? Snatching employee 401k and nearly eliminating any salary increases…doesn’t look good from the outside to prospective talent. If I was job seeking, I would avoid this company. Everyone remembers the xerox accounting scandal that led to them being acquired. Deja vu.
We submitted the amounts over three weeks ago but they keep changing the amounts each person got and yes some employees only got between $200-$500 merit. Be ready to hear that from the managers.
We have until 12/18 to deliver on my team
Merit conversations are not until mid January
Pretty big contrast to the lip service Robin was yapping about at the worthless Townhall today.