VP - Bonus number on offer letter?
When VP’s lateral to other banks and are communicated a guaranteed bonus number then is it also mentioned in the offer letter?
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In my one experience with a lateral offer at the VP level, no - they don’t specify the $$ on the guaranteed bonus.
I didn’t end up making the move, but I guess you can always fight for them to include it?
How long back was that. I’ve heard first hand that they got a fixed bonus number when they joined. Just don’t know if this was verbal communication or in the offer letter.
Also, worth nothing that at my current BB the offer letter (when I joined) said compensation / bonus mentioned in the offer letter is what they’ll hold up to. So at this potential firm (another BB) the HR telling me that the bonus number is guaranteed but they can’t write it in the offer letter sounds stupid
It was in 2021. They communicated verbally the guaranteed bonus, but it was not in the offer.
Depends on how close to bonus payout. But yes, VPs have been getting guaranteed numbers in offer letters. This bonus cycle I know a couple have gotten bumps to the number in the offer letter given hot markets if their banks did well.
Thank you. Can you share a sense on which banks put the bonus number in the offer letter? Also, how would you recommend me working this out with the HR? I want to tell them to put it in the offer letter.
I’ve seen a guarantee in an EVR offer
Correct — EVR usually guarantees top bucket first cycle for in-demand laterals (usually folks that a senior banker brings along from old shop).
They guarantee the bucket or the $?
Payout of your current bank - yes
Bonus number - usually verbal, offer letter would be rare
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