I just heard from my friend in Marketing about the crazy bonuses they receive. A SVP last year in pershing marketing got $80,000 bonus and in Wealth Management an associate got $40,000 bonus. I am in wealth tech and my bonus is only $15,000. I am still amazed on how someone can earn $40,000 at an associate level in a department that does nothing other than spending $$$$. What big client has Marketing helped in bringing to BNY? All they do is cr-p post on LinkedIn. Can't wait for AI to take their jobs?
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I was an associate in wealth (not client facing) and got ~32k two years in a row. I think I know who the associate you’re referring to is, and they’re absolutely ki-ling it. Would not be surprised if they got exceeds. After a lot of candid conversations with coworkers, I learned that bonuses dramatically vary by team and manager + how well that manager is able to advocate for a large bonus pool.
I’m also familiar with the bonuses in wealth tech and they’re much lower - frankly $15K is high for that side of the house.
I wouldn’t be upset 2 people in marketing make more than you. Instead, I’d acknowledge BNY offers great work/life balance for a salary discount on the tech side. Now, the rub is there are places, mainly tech companies, where you can have the same work/life balance and earn significantly more. You have to choose whether you want to buckle in for ~6 months to find a higher paying job or if you’re happy with your life overall.
Probably gonna downvoted for this but wanted to make a couple points:
We all know the company has been halting nearly all promotions and pay raises in favor of 'performance-based rewards' i.e. bonuses, to 'incentivize' people to 'work harder' for their money every year rather than get long-term, secure salary increases.
In tandem, nearly every manager has been discouraged to rate their direct reports with 'exceeded expectations' - meaning only a few actually get good bonuses in each team (if even that).
Despite this I know for a fact most managers are permitted to give at least 1 'exceeded' to the 'highest-performer' in their team.
So, I really have no idea whether or not the figures for 'Marketing' that OP quoted are remotely correct (personally I do think they're exaggerated), but even if they are true, it's highly likely these cherry-picked Marketing people were the rare ones who got given exceeded and got a massive bonus from the shared pot
Mine is 2k. Get over it
To the genius who went to Business school
Marketing puts the product to the mass - it does not get you revenue. It is an expense and that too pretty expensive.
It is the customer relationship that gets the business and keeps it going. If marketing brings in revenue, every flyer distributor in Times Square must be the most sought-after profession
Marketing drives revenues…. You know, it grows the Bank’s bottom line.
guess you never studied business, right?
Schadenfreude
@dq Certainly again that the discrepancy of bonus amounts is disgusting. Another example of management using their power to either overly reward people or totally sc--w them.
I’m pretty sure that these are paid in rupees, not dollars.
@c2 I do agree that a bonus should never be expected/depended on, however, the discrepancy of bonus amounts throught is a bit excessive. If you are unhappy with your salary nothing stops you from asking for a raise. Unfortunately nothing is fair.
As a client processor, we are lucky to see a 1k bonus and that doesn’t even cover parking the following year for coming in 3 days let alone 4 lol
SVP sounds sorta reasonable if a market center (NYC, etc.), but a little higher than I'd expect. The associate bonus is probably a lie or got exaggerated as the info was passed on through several people.
The hag, the goblin, and the horse? Ya don’t say….
Awww nutz
Who the he-ll cares anymore. You want to see ripoff? You want to see do nothings making a mint? Look no further than Emily, Shannon and Carolyn W. Those 3 stygian wi-tches make the equivalent of what 200+ hardworking well equipped people get. And those 3 stoogeses, produce nothing.
It really doesn't matter much. I've known a bunch of project managers that had low-risk work in which they only facilitated meetings and plans of similar grade levels but got large bonuses. Even some ops managers that handle the same clients year over year and had pretty repetitive jobs got higher bonuses.
@OP thats interesting when the teams having to hold all these groups hands just so they can do their jobs gets nothing
a bonus? Bonus should NEVER be expected unless it was part of a contract. A bonus is just that....something above and unexpected.
Come to the UK. You'll be lucky to get a bonus of over five grand.
you can even be lucky as I haven't seen ever a bonus higher than 10,000 even I had exceeds, entirely random. the pot is decided and cascaded and it depends how greedy your top levels are and how much they can bargain for their areas, the more they lie the higher the outcome
lying became a virtue
lies