Thread regarding Bank of America layoffs

Salaries across bands overlap. Titles are simply something managers throw at employees when they can't pay them more vis-a-vis peers in same group. On our team (NYC), we have band 4s in the same functional role with $50k-$60k difference in base salary. Difference can be due to their years of experience, but most often the higher paid employee came from the outside and we needed to match their pay to recruit (or they were a better negotiator). Total comp (base + bonus) can vary due to performance or to make up a gap in salary. Generally, once you're locked into a figure, it's very hard for the manager to make any significant change without a huge change in scope/size of responsibilities. We give people same title (VP, SVP so they feel commensurate with peers, but the underlying numbers can vary greatly. Band scales are WIDE. I hired a person from the outside and then used that person's Total Comp to justify larger bonus and gradual salary increases for an lower-paid employee who had been here and loyal. Took 2-3 years but I got them to the same, then gave both the 2-3% increase or whatever we're allowed by HR. Once I could no longer pay them any more, gave them the SVP title. I also have a colleague that took a lower band job to get away from a horrible manager, but her salary and total comp remained the same. Hard decision but she did it to get into a better situation.

Here is a Band 5 Pay Range thread someone just opened: @ZQppmlG

I provided an answer too.

https://www.payscale.com/research/US/Employer=Bank_of_America_Corp._(BOFA)/Salary

What salary is Bank of america job band 6

It is a range, but it isn't a high grade. Tellers are Band 8. Band 6 can be officer positions, Band 5 can be VP's. Your salary in that band range will be determined by your experience

In the perfect world you would be hired in with a band salary level higher than your coworkers but with a equal or lower title. The current co-workers will be given a greater workload to meet expectations so they can move up in title and possibly equal or exceed your band salary range level. You will not have another band level raise or title increase until the next recruits come in behind you. This bank does not like to invest in its employees. When they fire your coworkers or you get them fired out of envy then you might be moved up in title or band level pay or you may get shit on and stay stagnant knowing you chased the carrot for no reason because they found much greater experience in the new employees they have brought in and you maybe the next one out the door. You have greater leverage to partnering with your co-workers as a union to keep your job safe from management. All for one or one for all

Title is your Politics ego military rank - Officer, JR , SR, SVP, Manager, Division =it is the carrot you chase with promises. Band is your pay grade Range + or -. You will never exceed over the top band range no-matter what carrot you chase.

Someone 20yrs with company could be at low end of Band pay and you could be high end of the band pay. What you see on glass door is bullshit because they ask for title in relationship to pay. Most banks use Band level for pay. Resumes should show band level over title but it is all bullshit on paper. Give no raise but give a title and they will keep digging and chasing the carrot.

Dummies.

typo =yes in most cases band is your pay rate

Majority of the cases minus sales such as merchant services etc., pay range is based on Band not Title. Title correlates somewhat with band but not really. Title is an ego play to make you feel important (you have accepted the Kool-Aid). In most cases the officer will have less political power over the SR if headcount removal is required. A senior can blame a JR Officer and in most cases will be charged with the blame (Military Politics). The secretarial staff could make more than you under administrative title but unlikely. Currently Pay will be lowered for all bands. Lower bands will receive the work load of one level higher but will be paid the lower band salary. This is consistent with the headcount removal process. The remaining will be forced to lower band pay reduction. Yes sometimes department s will factor in additional bonus and vacations for years of service or band level but not title. I worked with people who came to the bank out of college (20yrs)and my title was the same but my pay was much over theirs because their pay was not adjusted to current market conditions and remained stagnant (This has been done for years and it is called a non-adjusted salary hedge advantage to the bank). You want more money and gain the 3% inflation each year you are entitled to= Job jump in the market place and continue to keep your salary up to current demands and market pay standards. The answer =yes in most cases Title is your pay rate and is adjusted geographically based on current market demand. Taking into account for favoritism, market demand or lack of, good old boys club, girls club and being hedged upon will be the unknown net difference. We had one manager who released what

co-workers made more money (sometimes just a simple “they make too much money) Created a group hazing and shark frenzy pitting employees. The manager still works here using the same game. HR where are you at? My two cents figure it out.

Salary and your band level have absolutely no correlation. They are not related in any way.

Im band 6,but when I apply for band 6 jobs they never call me because they pay less.Band 7 sometimes pays the same as band 6.Depends on the job.Band doesnt mean anything exept more vacation days.And now when u see band 6 posting u should think band 7.Pay is the same.I know that collection reps got paid more than those off the phones.

Even those of us in the jobs don't have access to this data. It is all by the job. Most new positions at the bank will be band 7 or lower and not be eligible for bonuses.

It's not based on band, but rather job title. Look at Glassdoor and you should be able to find the salary ranges there.

It's varied, not on band, but job title. You can find salary ranges per job title on a website called Glassdoor.

Sure, it's right after band 5. Quite being a nosey bastard and get to work...