Some teams, (GCM, AS, Pershing) have employees who receive bonuses which are equal to and greater than the base salary. There is no consistency. Very frustrating, clearly the "have's" and "have nots".
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Some people getting 80k bonuses, complain that it’s not enough, and then getting top ups of 15k bonus! It’s incredible!
Stop crying about ESOP ... it’s worthless
@whv+19n2HUwK sounds like old school thinking
Also, understand that some of those divisions are from acquisitions and likely demanded that these perks remain as part of the merger deal. When BNY took over Irving Trust way back when, the BNY folks got to keep their ESOP and other perks that the Irving folks did not. Great way to foster team spirit.
yes there is so many layers of managers that are not able/hands on and just watch people work, fewer actual workers.
Some jobs pay more than others - that’s how it goes.
It’s fair if the person is bring in business, running a department, managing clients.
What’s not fair is all the people that have been there forever and have no real purpose other than they have been there forever.
Todd should be looking at getting rid of all the dead weight BNYM is carrying.
MD’s doing the job of a VP- come on Todd.
The firm would save millions.
In asset mgmt, common to have base salary of 200-250k and bonus of 100-220% of base. Some up to 300% but much less of those now. Fair? Dunno but it is how it has been done.
What's a bonus?
"bonuses greater than or equal to the base salary" So you are talking about someone getting a $40k to $50k bonus???????? wow!
Are you in Ops or Tech? This shouldn’t be new to you. Pershing, AS, Corp trust, etc are all people within businesses that generate revenue. If you’re in a group that doesn’t generate revenue (ops, tech, compliance, etc.) the bonus pool will be tiny. GCM gets big bonuses since they sell to and manage clients. This is absolutely not just a BNY thing, every industry pays front office well and back office poorly. It’s all dependent on whether or not your role is considered one that generates revenue where the revenue is counted. At most firms, product and client management owns the P+L. Ops is the back office that just executes on the day-to-day work that needs to happen after the front office work is finished, and any company has an incentive to make that process happen as cheaply and efficiently as possible. That’s where layoffs, automation, and in this case small bonuses and pay increases come into play.
Not saying it’s fair, but this is how things are at most places. AS front office pays well, AS back office won’t. Pershing front office pays well, Pershing back office won’t. GCM pays well, and doesn’t have a back office since it’s just enterprise sales and RMs. Same goes for things like investment banking and sales and trading at other banks. If you’re in the front office, expect to earn hundreds of thousands of dollars a year or more. Back office? Not much more than ops at BNY.