Bonus Guarantees for Lateral VP1
I'm progressing to the later stages of several processes with mid tier BBs, and wanted to see what sort of guarantees I can get on bonus. Have heard it'll be case by case and up to negotiation, so eager for any advice on how to navigate the negotiation, what levers can I pull, all that jazz.
Current BofA, interviewing at other mid tier spots. Former coworkers have said anywhere from 80-100% of salary for next year, guaranteed mid bucket, two year guarantee. Given the wide range of outcomes, welcome all insights. Thanks in advance.
never heard of any simultaneous title bump + bonus guarantee unless you're going very down market. You'll be taking a cut on base but BofA bonuses are shit so maybe you'll still come out on top
I'm a newly promoted VP1, so would be going into a role as a VP1. Targeting other mid BBs like Citi, Wells, RBC (idc who says they're not a BB, they paid at least 100k more across each level compared to BofA)
Congrats on RBC FIG lateral
Two year guarantees for VPs are not happening in this market
If you want guarantee just take a Harris Williams offer, they were tossing out 1 MM guarantee over 3 years to folks willing to move to Virginia
$1MM for just bonus or inclusive of base too? I can't move from NYC due to fiancé, but that sounds fucking awesome
Can you confirm you are getting a 2 year guarantee? That seems a lot at the VP level.
No, I haven't gotten it yet. It happened to an alum a few years ahead of me, it was a 2 year to go slightly downmarket, like a BofA to Wells. This happened in 2023, though, so wanted to get a temp check on where things stand today.
Two year guarantee is wild. Heard of one year
Lateraled as a VP1 from BofA coverage group to a GS/MS/JPM coverage group 2 years ago. Got guaranteed bonus equivalent to 100% of base salary for my first year (which was top bucket pay for the group that year). Know a guy from the class below me at BofA that did a similar switch last year as VP1 to one of those 3 “top BB” banks and got guaranteed same bonus structure for one year. Know another guy that went to a citi/wells type of BB as VP1 and didn’t get a firm # guaranteed but still got a decent bonus, like 80-90% of base.
No way will citi or wells give you a 2-year guarantee as a VP. Have only seen it happen when going to a much smaller bank like Raymond James, cantor Fitzgerald, etc.
when you say guaranteed - they put that on paper in the offer letter?
Have seen other threads in the past where some firms fight about putting it in writing
I feel i've only seen 2 year guarantees around CS acquisition time, one year i think is standard (happened for me too and some anecdotal points of ~Vp1s)
Lateraled to a Canadian bank in nyc as a VP1 with an 80% target. Was a good year and actual number was 100%
Lateraled as an Asso 3 at the end of last year. Now VP1. Went from MM to EB.
1 year guarantee essentially a signing bonus at 100% of base.
What you mean signing bonus? They paid it upfront? any clawback?
Are you retarted they are not paying 250k upfront pal
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