Got my bonus and it's lower than my peers

Performed well and my feedback was very positive during my annual performance review (Can't say that I was a top performer since we only have two analysts in my group). 

I got my bonus number via call last week and it was ~30-40% below my lowest expectation. Obviously I am pissed and I was wondering how I should approach the conversation that I will have with my sector group head tomorrow. Should I ask why my bonus was lower than my expectation, especially when our group performed very well? VP was the one who told me my number and he said that it was mainly driven by the bank's performance as whole this year where retail and screwed.

 

When you say it was lower than your peers, do you mean the other analyst got a bit more than you? Or was he at your “lowest expectation” number. If you both got screwed and he got a bit more, you can chalk it up to he was a better performer. If both of your bonuses were low then it is probably a bank specific thing, and there isn’t much you can do aside from look to leave.

 

Peers as in other same year analysts outside my group. Other Analyst is a 3rd year Analyst so it's difficult compare with him.

 

That's the thing - our group was the best performing group and I was performing very well according to my review and my Directors who reviewed my performance.

 

i get that ur pissed but in this situation i dont think talking to your group head will do anything. What i mean by that is, your bonus will not change. The group head will understand ur concerns and give u some bs reason, but he isnt gonna change ur bonus. So, not sure what the best course of action here is.

 

Could be that your group has a smaller bonus pool. Or that other ANL are lying about their bonus (some people do that, nobody likes to convey the image that they underperformed). In any case, if that’s something that really bothers you, think it’s ok to bring that up. They will not change your bonus, but maybe it will prompt a conversation on how you can do better and what you do expect if your performance improves. Most likely though your group head doesn’t know how your bonus was decided, so ensure you are talking to the right people.

 

If it truly was 30-40% below your lowest expectations AND you can be honest with yourself and think about if your expectations were realistic factoring in the banks performance and your own, then I think you have every right to bring it up and ask what happened. Other analysts might lie about bonuses etc. but you shouldn’t be seeing a low bonus after positive reviews with a successful group. Definitely in your right to ask imo.

 
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It all depends on how you have the conversation and how you frame it will be key. The last thing you want to do is ask "why is my bonus so low"; what you should aim for is "what areas can I improve in so it doesn't happen again". If you can find a way to have that conversation then you can make it productive for both of you without sounding like a little whiner. 

Having said that, what you learn at most BBs is that low bonuses are basically never a mistake; it's the low-key way to encourage someone to start sending out their resume. So be 100% sure of your position in the pecking order before you have ANY conversation over this.  

 

Honestly fuck that noise about asking for what you can do to improve - if you act like a simp now, you'll forever be treated like one. Start looking to lateral to a group that will actually appreciate you and see your value add to the team.

If you want to confront your seniors, explicitly say you are significantly disappointed in your bonus and feel undervalued by the team. Name your price to stay. If the analyst group is small, you have a ton of leverage. Onboarding a new hire is a pain in the ass and will take time to get them up to speed. If they let you leave, then fuck it, you're better off somewhere else.

I understand people here are trying to avoid insulting the senior team or getting fired. But you have credibility now, you can get a job somewhere else if needed. And in all likelihood, you won't get fired for expressing your disappointment. 

EDIT: Just to make this comment even more useful: https://harrisonrush.com/. Best place to start looking for a lateral. These guys are the best on the street for laterals and will help you make the move.

 

If you're a strong performer and everyone agrees, tell your senior banker(s)...unless they're psychos who will take it the wrong way.

If you're a strong performer but probably getting burned unfairly somehow, then talk to your staffer...or sit on that.

If you're a bad or middling performer, don't have that conversation.

Personally, I got a lower bonus my first year despite being a top bucket performer.

However, I got underpaid on my bonus. Many others in my group felt underpaid too. 

Still, I asked a senior banker for a follow-up conversation where I expressed my disappointment. It was a 5 min conversation, but I'm glad I did it and it's important to set forth my expectations. She was very reasonable and I felt like this conversation would not backfire on our relationship, so all in all, it was a good move.

Going into this year, my work quality is still high. So if I don't get a good bonus, I'll have the same conversation...except I'll also start evaluating other banks too. And while I'd disappoint people if I left, my answer would be "well, this is not good for anyone, but you should have just paid me more"

 

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