crappy situation
Dear board members,
I have been working for a MM bank for almost a year now and have to discontinue my Analyst program because I was not able to get my H1-B visa (too many people applied and therefore USCIS ran a lottery to select a certain number of applicants, my petition did not get selected in the lottery process). Since I have found out about the visa situation, I feel like the senior management has turned its back on me – whenever I try to talk about the next step I cannot get through to anyone – too busy, come back next week.
My sense is that the topic that is being avoided is the bonus situation. Our bonuses are given out usually at the end of the year (Dec). Last year, because I had started in June, my bonus was a meager 5k with the promise of getting a much nicer one in 07 on top of a salary raise. My hope now is to get a portion of the 07 bonus upon my leave because I believe I had a certain understanding with the management. I would have stayed and kept working if I could but things such as this visa are not under my control.
Now my sense is nobody wants to give me that bonus or any portion of it.. I understand it is naïve to expect any kind of fairness from an I-bank but I feel very much let down. I have worked crazy hours and am left with nothing but a base salary.
Has anyone had a similar situation and if yes, how did you approach the management? I still have about 3 weeks before I have to leave but I just don’t want this to become a last minute issue. Appreciate your comments.
That is fucked up man, problem is I don't know what to tell you because there's no precedent for this kind of situation. For you to just get thrown out on the street like that without a bonus is fuckin' unfair. Tell me something, can't you transfer to different country ? have you tried that route ?
Do you have a VP you've worked closely with? You might raise these issues to him/her and discuss how you do not think that you should be punished for something that is outside your control.
At the very least you should present a reasonable argument that you should get a pro-rated bonus for the time you've worked since a bonus can make up over 50% of your total comp as a first year (at least these days).
That’s absolutely right, because there is no precedent, I imagine those who do not want to have the bonus conversation will maintain that I shouldn’t get one. Unfortunately we have no offices outside of the US.. I don’t think I will be able to get a transfer through my firm. I need to start applying to other VP’s that I have closely worked with are conveniently traveling. I have emails into them saying I want to talk. I imagine they will be sympathetic to my situation. But to catch them all in the office at the same time and have a comfortable conversation without anyone staring at the computer screen or having to take an urgent call.. Anyways, thanks for the insight, I’ll figure something out.
If you aren't transferring to another country and staying with the same bank, I would definately be very aggressive. As SeanNC said, I also don't believe there is a precedent for this current Visa situation and the way bonuses are affected.
I would get a lawyer if you continue to be shat upon. I don't see that jokingly, I would see where you stand. I would imagine that the culture in banking where bonuses are customary and therefore considered part of your compensation package may come into play and may be a possible legal challenge on your behalf.
Best of luck.
Mate. The most important thing is that you should not be afraid of coming to the MDs' offices for the discussion of the situation. Take the initiative, don't let them avoid the discussion for whatever reason and insist on getting an absolutely presice and clear answer. If it takes entering the office 3 times each day, do it.
Well, I had the conversation with the president who decides on the bonuses - MD's did not want to be tied into the whole thing. The conversation went worst that I imagined. I think the best thing for me to do right now is quit after hearing all kinds of almost insulting comments as to why I do not deserve that pro-rated bonus, I do not know why that old man needs to communicate like that. I should also mention that I am the youngest person at the firm and a woman - I hate to think of things in these terms but I cannot help it. And plus what can I do? I am leaving back to the 3rd world. One thing for sure is that I am coming back and making it big and then firing that angry old man. And I have a call into my lawyer just to get a sense for the situation from a legal standpoint. Thanks for all the advice. I still like this industry and and the exceptionally smart and fun people that work in it. It is sad that because of people like my boss, the stereotype of i-banking is here to stay.
Well, I'm sorry that you were sexually harassed by the president, you know that's a violation and you can sue the bank? Get my drift. (And i'm not joking).
If there is no upside benefit, make these dudes pay.
I know working for a non-profit is not exactly a dream job but they have no caps on H-1B and right now you have enough time (3 weeks + 60 days) to find a job. As to your bonus, your lawyer will most likely tell you that if there is nothing in your contract that deals with the annual bonus, such as a predetermined formula, percentage, or basis for earning it - he can't do much. However, if there is at least a set basis, you can file with the department of labour in NY (assuming you are NY). It is not cool at all what is happening to you but try to at least have one person that would give you a reference out of this place, so you can at least get some benefit for working in IB.
Out your firm name so people on here will know to avoid them like the plague
I'm in a very similar situation except mine is an internship. I'm not sure if I'll be getting my work permit renewed in time for the internship (that's on top of worrying about getting it in the first place). And there's all these illegals marching, protesting and getting more rights than me (no seriously, they have special rights/laws for illegals) bullshit indeed...
I think you should do us a public service and tell us which firm it is...
As a woman, and from a 3rd world country... there are so many biases in your favor with regard to duress, intimidation, sexual harassment, etc. that you should leverage in your dire situation.
wow, that's fuckin messed up. I really hope things work out for you.
gotta say that no ones owes you the bonus since it probably states its discretionary in the contract - crappy situation but not much you can do outside of what bryan1 said
You do deserve the bonus but don't go the route some of these people are saying and try to extract your pound of flesh just because you're bitter.
why not?
1-she's leaving the country 2-no foreign office
i'm glad i'm not in her situation, but she should analyze all her options. i think 'extract your pound of flesh' insinuates it's immoral or lowering herself. you have to look at the action that's been taken against her and respond with an equal degree of force.
someone i know who was in a PE firm post BB stint was kind of in this situation but with a different slant. he wasn't getting the huge bonuses he probably deserved because his class of senior analysts were the 1st class to be barred from advancement without an MBA. basically, he was a slave for 2 years post analyst stint just like his first 2 years... he brought this to the firm's attention and was told he could tell future employers he was 'still' employed but he was basically fired on the spot. this type of shit, if not in her situation, happens all the time. you hear about sexual harassment lawsuits at ms for a reason, they may appear as isolated incidents but are part of a broader culture within i-banking of both parties screwing one another over. don't simplify this situation with a generalization to 'not try to extract your pound of flesh' it may be necessary.
regarding a reference, i wouldn't allow yourself to be shat upon for one. speaking from experience too, not a college student.
The only problem I see is that I believe the girl has just finished her undergrad and she is actually planning on coming back to grad school and going back to IB (or a related route). Please, correct me if I am wrong. I am defenetely not implying that she should just be quiet about it but I am sure there is at least 1 person in that whole place that would be willing tomorrow or in 5 years to vouch for her and she should use that. Also these things don't happen only in I-banking. I interened at a commercial bank and I had a supervisor who hated me for no reason (or maybe because she was an uneducated spinster who was not going anywhere in the last 20 years). Anyways as a foreigner I had to take an internship class and she had to write 2 reviews for it. She very well knew I was dependent on her for these, because the manager would not do anything. She would write things like "her pants are too low and her shirts are too short", which was absolutely not true, when she used to come to work with tanktops (think semi-formal environment). She put me on a computer facing her and would stare at my screen for hours, while doing nothing and would come and tell me that I should not talk to my collegues as I am distracting them (I was not allowed to talk to them even during brake!). Then she told me that I go to the bathroom too often! Not to mention she would write that I was late constantly. We had a system where you log in to your computer and punch in when you come and leave work and I had printed all the log-ins for the month and the latest one was showing 8:03:13 starting time was 8a.m. And on and on.... Forgot to mention that she would come with me to the bathroom to make sure I am actually going there.
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