Can anyone elaborate on the target bonus versus what actually gets paid? I had an interview where I was told the role’s target bonus but then told no one ever gets that amount. If the target is 27%, what typically do you receive?
20 replies (most recent on top)
The only targets I see being met around here are the ones management is placing on the backs of employees.
Your current target is based on the amount you received last year
I get mine from Chum Lee
Bonus information is wild and and wooly and the Bonus is THE place for back scratching and gaming the system. Generally they simply agree to bone us.
Correction to my earlier post, I'm M not L.
Our unit came from the brokerage industry, not the banking. Bonus's are much higher in that industry. As an L my salary last year was 210+- (+ another 60k from previously vesting RSU). Bonus was 110k+- cash, 60k+- deferred RSU. 170/210 = 81%. Once your total comp is over 250 or 300(don't recall which) you can defer your cash portion. If deferred it will be paid out after you retire. You can chose how, lump sum, or over 2-10+ years. If you chose < 10 years you need to pay state income tax where you originally were while working. If 10+ you pay state taxes based on where you currently reside. Just because you don't believe it, or you're not getting that much, doesn't make it not true.
Lots of disinformation here. Wealth management and investment management do supply target bonus numbers at commencement of employment. The institutional bank (the rest of BNY) doesn’t provide a target bonus percentage as part of the offer, though if you are bonus eligible there is definitely a range within your bonus will typically fall.
As with everything, how much your base and bonus percentage are is closely tied to your function. Within investment management I personally know about people working in distribution (sales) who are K grade employees (mid level VP) who has a $150k base and a $300k target bonus. This of course would be adjusted based on whether the person achieves their sales goal. Could be less than $100k in bonus if they seriously miss the mark, and be subject to getting let go. Another person I know is at the H/I grade level, also in distribution, who was paid about $100k in salary and another $50k in bonus.
This is all compared against an operations staff level person in investment management who would probably be paid more like $50k (in Pittsburgh) with maybe a $5k target bonus. You can clearly see if you have sales experience or investing experience, your target bonuses can be way higher. Institutional bank side employees also can see these large bonuses and bases if they’re in similar roles (relationship management, sales, sales and trading, etc.)
There is no target unless you get it in writing and how exactly you achieve it. Otherwise, think of the bonus as a pool from which the manager divvies it up amongst staff based on the most favored status rule. If you are in the clique, depending on your pecking order you will be allocated more or less. Demerits on your performance appraisal will give them flexibility in giving you much less than Ken the BoyWonder sitting two desks over from you, while giving him more because he polishes your bosses shoes and brings him coffee.
When it comes to incentive pay at BNYM take any percentage they tell you, divide in half and each time the stock drops reduce it by 2%.
180K base, 250K bonus
There is no effing way an L grade gets an 80% bonus. At Goldman in the golden years, maybe. At BNYM? You’re just trolling. Also your base isn’t anywhere near 210.
Ohhhh.....They lie, they lie, they lie.
And no number in writing whatsoever ever. HR "says" those things as they did to all of us - but it mysteriously is NEVER put in writing. Like ever. When asked to go back to recruiter for comment, he "couldn't be reached". And I tried extensively.
"'Target" is their CYA word. It is a load of cr-p & means NOTHING to you. I guarantee it. I was "targeted for a 20% bonus" at a peer bank (verbally of course), and quickly found out they had not paid ANY bonuses or raises in 5 years to anyone. And if you complained, you were fired. Got the boot anyway, as all banks pretty much do now after your 2 years is up.
You are being absolutely LIED to about a bonus, just like I and dozens of others were. It is arbitrary and completely up to their mercy, which is none. Mark my words.
Oh! I did get a $100 bill in a card one Christmas from a boss I was a slave for, until I was driven to a nervous breakdown for huge verbal abuse by the sicko. That was SOOOO nice! WOW! $100 whole dollars!? This was a boss for making fun of me for being so poor, bringing sandwiches in, which he laughed at. Class.
I no longer believe in bonuses or benefits of ANY kind at banks. I want to be paid weekly and all in salary up front. All of it. Monetize any and all bonuses and benefits. I want a weekly salary check and dignity. That's absolutely it.
- From experience. Good luck.
As proven by this post, there will never be transparency. Here is what I have learned over the last few years:
LOB employees get higher bonuses over Corporate Services. WM and IM lead the way here.
IM employees have incentive at much lower grade levels.
Restricted Stock incentive payments go out to a lot of people. If your manager tells you not at your level or not in our group, they are probably lying. Also, when they tell you comp and incentive plans for others were in place before they took over, they really mean they are friends with the others and don’t want to fire them or reduce their bonus to pay you more. Sad.
That’s what I have learned.
You all are lucky. Maybe instead of laying off ops they need to bring your bonuses back to realistic amounts. Seems like a lot of unnecessary money being passed out. For ops it’s pretty close to our raises about 2% if you’re lucky.
L level as well here. 210k base, 80% bonus.
I’ve never received the bonus percentage. The recruiters told me I would get. Whatever they’re telling you figure half.
And the person on here claiming they get 80% bonus as an L?? Very doubtful.
Mr Director in technology apparently doesn’t work at bnym. 40% for L !?!? Not in this century
As a director in technology my bonus typically is +- 80%. 35% of that is in stock which vests over 4 years, the rest is cash, or can be put into deferred comp (although they reduce it by FICA). L band's bonus is 40%+-. Basically each ban down bonus is roughly half the band above.
- 7% is generous
Run....
<5% Think Rick from Pawnstars is in charge of what you’re worth.