Thread regarding Bank of America layoffs

@uMynd+ZnPwkIQ - "request it"? Are you kidding? Short answer: No

What geography? (NY, London will be higher end of the range. Dallas will be lower. and Tulsa lower still, etc.)

Are you internal or external?

If internal, no way unless you already make that or have an outside offer. They know what you make and depending how badly they need to fill the role, either move you laterally with no increase, maybe saying they will "review comp" in 6 momths. (don't hold your breath. You need to demand it, make your case, negotiate before accepting.)

If external, they might ask what you make and base the offer on that. Or ask what you want, in which case, name your number and negotiate from there.

The Band Salary Ranges vary by hierarchy. I've worked in and managed teams that included B3-B7 employees in 3 separate divisions. Band ranges were entirely different since the jobs are different. Even within a hierarchy, ranges overlap. So a B6 could make more than a B5 in the same group, depending where they came from, tenure, location.

Several years ago I pushed to hire a few B4s from outside at salaries above the range, because they had more direct experience than any internal candidates. Asked what they made where they were at. One told me, so HR added $5k to that. Another gave the number they "need" to come over ($10k above approved range). I advocated aggressively with HR (challenged recruiter to find a more qualifed candidate from anywhere, which they couldn't) and she was hired.

Subsequently, however, HR would never allow merit increase since they were "above the range", until they were officially promoted a few years later.

I also used those hires to bump up salaries for the people in same roles who had been here, citing "market rate", "flight risK" etc., but took about 3 yrs to get them aligned.

Be prepared to name your number, hold firm and make your case. If they can't meet it, then tell them "the job is exactly" what you've been looking for and you might consider if they throw in extra week vacation (or perk you want, but get it in writing).

"Requesting" it....??? Won't work. Too soft. You can still be nice, just firm. Tell them you have a higher offer elsewhere and be prepared to walk away.

I’m interviewing for a position and the posted salary range is $145,000 to about $250,000.

Does this mean they will pay 250,000 a year if I request it?

I'd also add that anyone at ANY band who has been here over a year has peers in the SAME functional role (which is automatically the same band) who OUTEARNS them.

The going Market Rate dominates.

Bottom line: If you really want more $$$ or that ego-boosting title (which sparks joy for like 5 minutes until they pile more work on you for the "new title"), you have to LEAVE.

Or get a counteroffer you'd be willing to take to re-noegotiate your title/salary. (focus on Salary -- not Total Comp, which is discretionary and can be cut due to diff factors.

I know I have paid penalty for staying too long, as I just hired someone at a higher salary than me b/c we need the d@mn help. (but I have a pension on top of investments and they won't)

@rklhd+ZnPwkIQ - sorry, this looks like really, really bad info. For which division are citing this information? Looks like very egregious MIS-information to this 35+ year B2 BofA Securitiies Manager (Trading).

For example, BM, Tom, etc are/were (respectively) Band 0 (yes, Band ZERO!)

B2 is not junior executive. Perhaps B3, "possibly" could be considered "junior" but not really.

What you wrote may be accurate for your specific group, so I caution you against generalizing.

btw, VP is not awareded for 10 years. At least, not officially. Tenure does not run like a taxi meter to get you to the next level. Wrong, wrong, wrong. Just wrong. (sorry!!)

@OP+ZnPwkIQ - while fully I support transparency and the intent here is admirable, the ranges as presented here are simplistic and incorrect.

Why?

1. Salary vs Total Comp completely different and are conflated in the figures here.
2. Band ranges are not "enterprise wide".
3. Many other factors than just band/geography.
4. Salary range is determined by GROUP, then ROLE (which sit within Bands).
5. Client-facing front line unit (FLU) is paid higher for their ROLE, than the same Band in a back-office/support/staff function. (you really think a B4 FA or trader is paid same salary as a FC manager or staff person?)
6. Group, role, function and other factors differentiate greatly. The same "role"/"title" may have a completely different range in a different branch of the tree within the same division.

Again, admirable effort, but as a B3 manager (who manages other B3s and has worked in both FLU and Staff roles in different groups around the company), I can tell you this is far too simplistic.

As an example, in one group "salary" for B4 banker (client-facing, manages other bankers) is $150,000. Total Comp can range $155k-$250,000 IF (and a big "if"), team meets its numbers and overall company has a good year.

B3 "salary" range begins at $150K for some groups. Some B3 roles "capped" anywhere from $175k-$200k depending on role and group. (Bonuses can range from $10k-$100k+)

These are very broad generalizations and I encourage people to be very specific in 1) clearly differentiate betw salary vs total comp (which includes bonus that you may or may not get and fluctuates greatly by year), and 2) keep in mind the specific group and job funtion have the greatest impact.

It's apples and oranges throughout this entire complex company.

hope this helps manage expectations and avoids people getting depressed by seeing figures that would never apply to their role. (at least not at BoA)

Regarding the question about what BAND is considered a Vice President: At Bank of America - Merrill Ly--h (BofA Securities, Inc.), "Vice President" is actually a title, not a rank. Everyone with 10+ years of tenure is granted the title, regardless of rank or BAND level. Most employees have typically reached at least BAC-BAND 6 by the time they have spent 10 years with the company, although this is not always the case as promotions at BofA are not granted; but must instead be applied for. Some employees simply choose not to apply for promotions and remain at the BAND-7 level for the entirety of their tenure(s). The individual who trained me back in 2018 was one of only 2-3 representatives to consistently outperform me in terms of overall performance metrics, but keeps their head down and continues to pass up opportunities for promotion(s) to this very day. They remain a BAND-7 by choice.

Most employees start at BAND-7 ever since corporate minimum wage was raised to $20/hr back in 2019-2020; so the only employees falling below the BAND 8 Salary Range of $22,000 to $32,000 would be contractors and sanitation workers who may not even necessarily be full-time Corporate employees in the first place.

BAND-6 is often the very first promotion; often referred to as Team Lead, Proficiency Coach or Trainer and the next promotion after that is typically BAND-5 for Team Managers (Managers of 5+ Individuals ranked BAND-7). Past that point, BAND-4 are typically titled "Section Manager(s)" (Managers of 2-5+ Managers) and BAND-3 are typically "Director(s)" (Managers of 2-5+ Section Managers). BAND-2 are "Junior Executives" who oversee all Directors in their respective divisions and to the best of my knowledge, BAND-1 is the rank Brian Thomas Moynihan sits at as CEO, along with the rest of the "C-Suite" Senior Executives: Chief Executive Officer (CEO), Chief Financial Officer (CFO), Chief Operating Officer (COO), Chief Information Officer (CIO). BAND-1s oversee their respective Junior Executives.

Currently Band 6 at 60K seems pretty accurate

Band 7 here… over $69k (not in an area where there’s a high cost of living).

Thank you, this post is very helpful piece of info.

Corrections to OP:

Band salary ranges very greatly by ROLE and DIVISION. You can be the same level/same officer title with a big diff in salary and total comp depending on what group you are in.

The ranges overlap MUCH more than shown by OP (again ranges depending on the role/group). People think they will get higher salary if they are a higher band. Absolute rubbish.

There is a bigger difference betw Bands 2 and 3 on salary and total comp.

Fact: There are many, many B3s on the lower in FLUs whose SALARY is $140,000 0r $150,000. Their TOTAL comp may be $225,000 or $250,000 if they meet targets.

There is a big diff betw salary and total comp, which includes a bonus that is discretionary.

I’ll tell you this, BofA is horrible to long term corporate employees. My wife has been with the company for 10 years, she started as a band 5 at 83k and recently got promoted to band 4. With a promotion and 10 years worth or annual raises, she’s at 105k. New hires come in regularly to band 4 positions starting at 140-170k. If you want a significant raise you must swap banks to move up.

Many job postings are now displaying minimum salary requirements per Colorado law. May not translate if the cost of living is different where you're at but gives you an idea.

What would a band 4 employee be looking to pay for health insurance for a family plan? I understand the higher the tier you move up, the less the bank contributes towards the cost.

I am a band 4. Director title and my salary is $103k. Fight for every dollar as they won't be looking out for you financially or health wise with forcing us back in via covid...I should have done better with my negotiations as they build year after year...

@d2ssh+ZnPwkIQ - Depends on which group/hierarchy you're in. I've been a manager in 2 groups. In one VPs were B4. In another group, they were B5.

SVP = B3 and above

Suggest you go to BofA Career site and view job descriptions for open roles. I think they show Band and Office Title there.

what band is considered a VP?

Salaries across bands overlap. Titles are simply something managers throw at employees when they can't pay them more vis-a-vis peers in same group. On our team (NYC), we have band 4s in the same functional role with $50k-$60k difference in base salary. Difference can be due to their years of experience, but most often the higher paid employee came from the outside and we needed to match their pay to recruit (or they were a better negotiator). Total comp (base + bonus) can vary due to performance or to make up a gap in salary. Generally, once you're locked into a figure, it's very hard for the manager to make any significant change without a huge change in scope/size of responsibilities. We give people same title (VP, SVP so they feel commensurate with peers, but the underlying numbers can vary greatly. Band scales are WIDE. I hired a person from the outside and then used that person's Total Comp to justify larger bonus and gradual salary increases for an lower-paid employee who had been here and loyal. Took 2-3 years but I got them to the same, then gave both the 2-3% increase or whatever we're allowed by HR. Once I could no longer pay them any more, gave them the SVP title. I also have a colleague that took a lower band job to get away from a horrible manager, but her salary and total comp remained the same. Hard decision but she did it to get into a better situation.

What are the bonus break outs for 2021? for bands 2 , 3 and 4 and is there one lump some or do they still give stock options or restricted stock?

Been with the company for 11 years now. I’ve started at band 8 and now up to band 4. These estimates for the bands seem pretty accurate.

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.

yes, that's correct........

Math checks out

I posted this in the thread below - here it goes again:

you have a long thread on this salary topic here:

@FE6jvNc

or here

thelayoff.com/t/FE6jvNc