When it comes to bonuses for entry level employees (IBK analysts, stub bonuses for analysts, stub bonuses for associates), do banks tend to remunerate all employees around the world (NY, London, HK) comparably?
For example, would stub bonuses for first year analysts or associates be typically the same in all three cities? These tend to be standard amounts for all employees, i.e. no buckets, but if a NY associate is getting a $50K stub bonus would you expect the London and HK associate to also get $50K? Or do these bonuses tend to differ substantially around the world?
I am asking because my bonus (in one of these three cities) was substantially lower than the other two cities (which happened to be the same amounts); they nearly got double what I got. I want to go and tell my MD that this is bullshit and that I feel like I am getting screwed.
To make things even worse, I was supposed to start in one of the other two (higher paying) cities, but transferred to another city because the bank had a need to shift some of its employees and I basically did the bank a favor by "volunteering" (well kind of a favor, because I did get a relocation bonus but that is standard practice).
So my question to you is: Should I tell my MD that I am not happy or should I keep it to myself?
Obviously my goal is to get paid more, but then again I don't think that I will be very successful with my negotiations. Most of the other analysts tell me to keep quiet, because nothing good will come out of this. But I think that they just don't have any balls and people like them are going to get pushed around and taken advantage of in life; you can't be a little bitch your entire life. I am leaning towards sharing my disgruntlement with my MD.
What would you do?
No. Amounts differ for various cities. But even if they didn't, I wouldn't shot myself in the foot so early in my career. Just chill kid, it's better to keep quite about some stub than to piss MDs off about such a trivial (to them) matter.
It was probably your MD who signed off the bonus numbers, so you'll look like a little bitch when you go crying to him. Take it on the chin.
Don't know who you are calling kid, but anyway it wasn't my MD who signed off on the bonus number, it was upper management's decision, since these were "standard" bonuses across the board.
Anyway, I am not too worried about "shooting myself in the foot", because this industry blows, since you have to deal with BS like this and on top of that you get no job security (I will be the first one to get laid off if we hit a double dip recession). I have a good backup plan if I were to leave this industry, so I am not too worried about the repercussions.
Thanks for your advice though. Anyone here think that I should stand up for myself?
not anyone with half a mind. for two reasons: 1. if you got a lower bonus, it's either because they think you deserve it (ergo, if you give them problems they'll ding you or treat you even worse) or because different cities get different bonuses (in which case arguing will make no difference whatsoever in your paycheck - just flag you as a problem) 2. if you're planning on leaving the industry, it's always good to keep a contact or two - who knows when you'll need them?
my advice is, if you really have to know, go ask your MD about it, but do it in the most diplomatic, hush-hush non-bellicose way you can think of. maybe the MD will agree with you and you'll get closer for that - might mean sooner promotion. if you're not satisfied, you can at least make a proper exit and keep the people you left on your side.
That is how I was going to approach it; I wasn't planning on arguing or or being mean about it.
But is it ok to have these kinds of "conversations" with your MD, or will you end up opening the "can of worms" anyway and end up pissing off a lot of people?
depends on the MD, your relationship with him, and the way you put it. if i were you, i'd ask if our bonuses were the same as in city XXX and leave it at that, see what he has to say. not push it.
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