BofA layoffs
Hearing layoffs today through the grapevine? Can anyone confirm?
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not true…or at least haven’t heard anything
Nothing heard.
Haven’t heard anything definitive, but sounds like things are moving that way.
Interesting
Today is comp day, nothing heard yet
Comp dayyyyyyyyy
Don't believe there would be any for a while H2 2023 depending on how the market is. There will likely be a lot of shit bonuses Wednesday whuch should create some voluntary attrition.
Bonuses are going to be “very challenged” according to my manager. Have never heard him pre guide a bonus to the whole group before
New to BOFA, how does bucket work? How does MM vs ME vs EM rating translate to buckets?
Everyone gets ranked from best to worst, and then are segmented into tiers. First is EE (exceeds, exceeds) > Top Bucket A, the top 5-10% of group (maybe one person depending on size). I've heard of rare cases where no one gets EE. Next is EM (exceeds, meets), top bucket B, top 15-20% of group (so another 10% of the group); I would emphasize that either ranking is a solid ranking and would be considered top bucket. At the analyst level, bonuses are likely only a $1k difference from EE to EM. Between EE+EM, this is about 20% of the group. Next comes ME (meets, exceeds) and is probably 60% of the group (within your level, ie: 1st year analyst, 2nd year associate, etc). This is the middle bucket. Within this bucket, at least for analyst pay, you can probably find a $15k spread. The very top of ME, called ME+, probably makes ~$5-7.5k less than EM. ME- might make $10-15k less than ME+. Last comes MM (meets, meets). This is a self selecting bucket. These are for the people who either didn't work hard during the year or simply can't keep up with the job and really lagged behind. The pay here is kind of arbitrary and not on a scale like the other buckets - maybe a $15k bonus for example. This bucket doesn't have to exist - if every single person is stellar, than it very well could just be ME to EE, but in an organization as big as BofA, bad people will always slip through the cracks.
Don’t you have to get EE to be promoted?
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