Impossibly low bonus
Left after 2 yrs at a top 3 BB - $20k bonus.
Was stunned on the call - knew I was going to get a low #, but this is a joke. 1st year bonus was $55k.
Anyone have a similar experience? Does it make sense to hire a lawyer? My concern is that I've moved on to another IB.
Checks clear in August - what would you do?
Just thank yourself you weren't an analyst at UBS this year.
was at a MM shop... first years got 7500, second years got 15000
Who did you piss off?
Not sure what you'd hire a lawyer for. Sorry you got shafted, for sure. That sucks. People are getting fucking raped all over the street bonus-wise. It's insane.
Take this to FINRA for arbitration - I mean its a joke... for second years at my bank the middle bucket was supposedly $65k.
I don't really have any other moves other than embarrasing them into giving me more.
not sure if serious...
Hahahahaha.... good luck bro; discretionary bonus. They could have given you $0 if they wanted to and there's not a damn thing you can do about it. Sounds to me like someone hates you because you're probably a self-entitled little douche. Sucks but them's the breaks. Hopefully you're at another firm that doesn't suck and going to FINRA is only going to a) accomplish nothing and b) sully your reputation.
Best of luck.
Well, if companies are completely screwing people over it is going to get out. The WSO Company Database already has a ton of info...I know if I saw a 3rd year get $20k in there it would make me think twice about signing on, or if I was a 2nd year, staying for a 3rd...this is all going to be very transparent, very very soon.
We are in the process of developing an insanely detailed compensation report...all the data is in there for free, but we are going to slice and dice it to make sense of it each year.
Looks like someone doesn't like you and no you can't do anything about it. Its discretionary, duh.
Look for another company?
Unless you were guaranteed a specific percentage or number for bonus, there's nothing you can do except sending out resumes for a new job.
I'm guessing you work for MS then
tis cant be posible. invetment banker only 20k bonus? how we are supposed to afford models and botels with that? u must not be a invetment banker u must be bank teller and u forgot. if u did not make a mistake and u are in fact a invetment banker, let me know, i will personaly call obama to have tis sorted out cuz tats a big big mistake im gettin mad
Long time no see swagon
ive seen blalock post for a while now, dont think that's swagon
There's nothing you can do about it, especially considering you are going to another bank. Otherwise you could threaten to pull a Greg Smith - they'd probably just shitcan you with no severance, but 1% chance it works.
Bonuses suck across the street. If you're already decided leaving, you should just pull a work-to-rule slowdown (http://en.wikipedia.org/wiki/Work-to-rule). Best case, they fire you and you get severance above $20k. Worst case, you get your $20k bonus, plus a month of 11am - 4pm sweet life.
It's a bonus you could get 0, there is nothing you can do about it unfortunately, I would try and find out why. Did they hear about your departure?
Blalock is a very under-valued WSO troll. I'm always glad when he decides to make an apperance.... keep up the good work.
On an actually relevant note: suing a bank for an "un-flattering" bonus would probably be the most asinine case since that bitch sued Dunkin because her coffee was too hot.
You're forgetting that the plaintiff won sizable damages that case.
And that it was McDonald's
It was mcdonalds and I bet you didn't realize she suffered third-degree burns from the coffee...
yes. when people talk about this case, they ignore the fact that the coffee is super-heated some 30 degrees above what you get in your own kitchen. McD does this so the coffee stays hot longer after pickup at the window. you cannot get 3rd degree burns from your own kitchen coffee but the woman was fucked up pretty bad and deserved her payday.
when people start throwing the word "asinine" around, they should also look up "irony."
I'm afraid the chickens are coming home to roost, guys. This is more and more becoming the rule and not the exception. Your bonus is that you get to keep your job. Sucks, but there it is. At least we'll always have our memories:
Investment Banker goes wild with Models and Bottles
LX.TV | Myspace Video
and
Forget about AJ. I dig the second video. Are traders in NYC this hot? didn't know that.
welcome to wall street!
I've seen more than one person with compare able numbers..
2nd year base 60k?
I would be very happy with a 20K bonus
be happy you have the job. i would trade you spots in a heartbeat.
hire a lawyer? hahaha...u kids crack me up. my first bonus was $2,500. You are lucky to have a job...all an attorney will do is help himself to your meager bonus and laugh at you using lawyer-speak. Take your 10k after taxes and spend a good day at the pool in las vegas and drink to a better 2013.
Well I know for a fact you are not at Morgan Stanley... and you said "top 3" so you are not at GS... Thus JPM gave a 20k bonus to 2nd years?? That is pretty awful...
could you explain your situation a bit more?
you say you had already left before they paid you your bonus and now you are at another firm?
obviously the people they would screw over first would be the ones no longer there...
i'd like to interrupt this dumbass party here.
when you get that kind of bonus, they are really asking you to LEAVE. learn to read between the lines.
They are giving you an opportunity for a graceful exit.
this
How is this guy supposed to make a down payment on a Porsche with a $20,000 bonus? 1% problems.
A few things:
HE WORKS AT BARCLAYS
http://dealbreaker.com/2012/07/bonuslayoffs-watch-12-barclays-2/
[quote=orangejulius]HE WORKS AT BARCLAYS
http://dealbreaker.com/2012/07/bonuslayoffs-watch-12-barclays-2/[/quote]
OP , you have been Libor-ated
ha
That's really painful, committee. The number is just...ouch. I wish I could help or explain. Anyone have any meaningful input/explanation as to why the hell a $20k bonus even exists? Assuming OP was mediocre, I wouldn't give him a bonus at all. You're supposed to retain the best talent, not hold on to the so-and-sos
Hire a lawyer? Nah. You got straight shafted and there's nothing you can do about it. Read your contract.
Why did you move from a "Top 3" BB to another IB? Switching groups or staying on as associate?
While this is a weak move by the bank, it doesn't surprise me. It seems that banks no longer reward the LTM of work but whether you stay on and future expectations. So they figure if you're leaving, then screw you. I don't know if there is anything you can do about it though.
You know why they gave you only $20k? It's a message that you suck and you should quit. They were kind enough to communicate the message to you this way to save you face. Could have been worse.
what would you guys consider as a good salary and bonus for 1st year analyst at BB?
They obviously knew you were leaving. That's all.
Nothing op can do but thank his lucky stars he didn't get a zero. Lawsuit? Please.
40% of associates on my floor got zeros last year.
With such a poor business environment this year, juniors can expect worse bonuses next year.
After my bonus dropped I switched to a new bank and I got a promotion plus a bonus guarantee. So I am covered his year.
You're considering hiring a lawyer because your bonus isn't large enough? Are you serious? Perhaps a reevaluation of character is in order.
You obviously haven't been around the block. Companies in all industries and govt agencies pull crap regarding compensation with employees - especially with those they want to entice to leave. It's discriminatory to pay someone less than someone else who had comparable performance on the basis that the company wants 1 person to stay and the other to leave. The bonus is supposed to reflect past performance.
All the OP needs to do is to prove that he performed at a higher level than his bonus would suggest. Exhibit A - the delta between his 1Y bonus and 2Y bonus even though he was given no indication that his performance slipped and the overall analyst bonus pool remained about the same y/y. Exhibit B - he finds out what his 2Y colleagues who stayed got.
I would definitely consult with a lawyer if I were the OP.
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