Buddy's bank has decided to defer bonuses this year (break them up into different payments). So they are paying a portion of it now and the next portion down the line a few months from now (clearly so people don't leave)
Is this normal? or have things been shifting in this direction? Came out of nowhere with zero warning and doesn't seem like a fair way of dealing with things.
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What kind of bank? That’s crazy
Same concept of stock vesting I guess but kinda weird for cash component. Sounds like they think everyone will jump ship the day after bonuses are paid or the bank somehow sucked in 2021 compared to everyone else so want to string it out that they’re paying lower bonuses. “Here’s $25k now and we promise the next one will be ‘in line with your expectations’…”
Assume they are at a relatively lean bank and your friend is semi-senior? If so, could just be company waiting on some cash to come in (fee revenue that hasn't been paid yet). If they're junior, might be the bank worried about retaining talent so they're deferring to help keep people around a few more months
noo
Not standard at all - sounds like they have heard people planned to leave after bonus or are having cash flow issues
Check your contract. If there's a sentence in there about when bonuses are paid, and they've already given you a total number in writing, you could push back on that if you are trying to leave or want all of it immediately.
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