black car expenses are offset by analyst bonus?
So I'm a first year at a BB. I live in the city, but I'm originally from Westchester. I've been taking the black car (10pm - 12am) to go to Westchester during the week to see family and friends. On average, I've been taking the car at most 4 to 5 times a month to go to Westchester. I've heard from senior analysts / associates that BBs offset these expenses when bonus season comes around. Any thoughts on the impact of taking the black car on analyst bonuses??
Thanks in advance
Haven't seen that- and I was taking the black car back to Jersey City two or three times a month my first year. Still, if it's withheld from your paycheck, you're getting a huge tax break; it's probably much cheaper than taking a cab with post-tax money.
If he was paying for it out of pocket, I doubt he'd be taking a cab to Westchester, likely he'd be taking the train which is what, like 10 bucks vs. black car which is $60-100.
They shouldn't even be offering black car services outside of the city, its ridiculous imo. Live in the damn city like normal people do.
I live in the city, but I do like to see my family when I can during the week. My main question is are these $50-70 black car expenses, let's say 4 times a month, so up to $300/month, and a year $3600. Now, is this expense offset by a lower bonus?
Depends on the firm. At my first firm (brokerage firm), yes, expenses were taken out of the bonus for our traders and salespeople.
At my current firm, expenses are not factored into the bonus numbers for our traders and salespeople - straight commission here.
The firm I work for is a BB (MS/CS/DB). This would be an awkward question to ask my manager or HR. So I'm hoping to find out from members here who use the service. At nights, I see some VP+ and then also analysts taking the black car service. So wondering if bonuses play any role in this.
if i remember correctly, you can only use the black car for work purposes( going back from home etc.)
The HR might be anal about it and question you why you would take the black car back your home when you clearly live in the city, that's when you might get in trouble.
i doubt it goes against your bonus since they charge the client for that anyways.
At one of those banks, you aren't allowed to expense anything that isn't back to your normal residence. i.e. visiting family in Westchester is a personal decision and a personal expense that is not necessary for your firm to compensate you for. However, coming back from Westchester because you got called in at 12am to turn a book is something you can expense.
wookie, if you don't mind sharing, which bank is it?
No one reviews those records. End of story. Unless it is flagged ( if you were to take it to like FL or like Maine) other than that it is not an expense that is reviewed. People are soo paranoid sometimes. Who do you think has time to review each car ride and match it to your personal address for thousands of employees. Unless there was a clear abuse, as I mentioned earlier you taking the car to like Virginia Beach every weekend no one monitors it nor cares.
yeah that's what my original thinking was...i wouldn't want to do anything to jeopardize my bonus (or job for that matter)...4 times a month is a max for me
Interesting, Junit. I guess it depends on the bank. Our assistants reviewed most of the expense we made before they could process them. You'd be surprised what people know, given that most analysts will spend a certain amount per month in expenses, and if you're $300-$400 over the 'average analyst' every month I wouldn't be completely surprised if someone takes notice. However, I would be surprised if it were company policy to drive you on the company's /edit: "client's"/ dime to Westchester to visit your family 4 times a month via black car.
Well the point of working late = cab fare is that you bill it to the client. The idea is that you worked late because you were working for client.
Why would your firm worry about double-dipping in your bonus bowl if the expenses are covered?
The only way I'd imagine them offsetting your bonus is if you were working a pitch, in which case there would be no "client" to bill to.
as far as i remember, my black cabs were expensed to clients
Aren't you a little old to need to go home during the week that often?
hahahah so true.
Would like to hear the answer to this question.
Regards
On a slightly related note, what's the procedure for weekends going into work? Are you allowed to take a cab to and from work regardless of the time?
A friend of mine in a BB in London says they are usually supposed to only take it from work on weekends, but everyone apparently takes it to work as well and no one cares.
What is the usualy cutoff time of weekdays to take cabs home? And are there any circumstances on weekdays where you can take cabs to work? Such as if you've worked till 4 am and they want you back at 9 am or something?
the cutoff time for cab is 9 pm for my firm
i can take cabs to and from work during weekends
you can take the cabs to work before 7am during weekdays
Still to original poster though, i think you should probably stop using the black car as a way to go home. I am not saying that they check/do not check, but it's just not worth it getting caught. Black car is used to go/come back from the airport mostly and should not be used for personal uses.
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