RSUs... 65 to 600, awarded in March.
44 replies (most recent on top)
Haven't heard anyone mention amount of stock yet. Just the range from 65 to 600. Think the amount you get will be disclosed closer to the March timeframe.
How many stocks are people going to receive if they make a dollar over $100,000?
Does anyone know how many stocks someone might receive if making just a dollar over $100,000 makes?
Any inside info. Single parent t and every penny counts.
That's a lot of new Merril accounts also. Thats how you accept the stocks as far as I understand.
Ok folks..here it is in TL:DR.
97% of the Associates at the bank get between 60 and 600 restricted stock units granted on March 1st. The amount given is determined by your current compensation. The number gets larger (up to 600) up to a salary of $500,000. There is a table somewhere that shows you how much you get by salary, but ai’ve never seen it.
Restricted stock units are vested 25% a year, starting with 1 year after the grant date. If you get your grant date of March 1st 2022, that means whatever the stock price is (BAC) on a day AFTER March 1st next year you decide to sell them, you get the BAC stock price for each unit. Let’s say you were granted 100 rsu’s. You get 25 of those available to cash out in 1 year. Let’s say the day you decide to do it the stock is $50 a share. You get 25 x $50 Which equals $1250, minus taxes. The next year, the next 25% vests and you do the same thing. It is added onto to your wages on your W2.
From what I read, the only people who are not getting it are either over $500k in salary or part time. Everyone gets this.
Part of the rah rah rah of the email was that they were reminding us that in the past, only people who made x amount of salary ($100k) got rsu’s and others below got a cash bonus of $750. This year, everyone is getting rsu’s. They think this is a huge bonus…when we have to wait a year and then only get a part.
If you voluntarily leave the bank you lose what you haven’t vested.
Ok…everyone ready for the quiz?
Leadership/BM is out of touch with majority of his workforce. Needed something now. Inflation is now, higher cost of living is now. This is a bonus of the future. It’s hard living on 55,000 a year with children. I understand this bonus…. It just shows how (out of touch they are)
If morale wasn't already bad, this announcement really put it into the ground.
To answer the question, it's 60 or 65 divided over 4 years, starting NEXT March. So nothing right now, next March you get 15 (using the 60 example) shares. Those shares will be worth x amount next year, no one knows exactly what. Could be more, could be less. You can then take them and sell them but it will be taxed when you sell them meaning those 15 shares will only be like 10 shares. So IF the price of the stock is the same in a year that it is now, $45, you "cash out" $450. Repeat over the next three years after that. If you leave before the next vesting period, meaning March of that year, you don't get the rest of what is left from the distribution. Sh tty way to reward people, forcing them to stay vs. just giving them a cash bonus which they can use NOW, when you need it most.
This will be a nightmare for some of our lower Band employees who are not familiar with RSU and stock ownership & sales, or the associated required disclosures and tax implications. $2900 fluctuating value that is near its historical peak, that doesn't start to vest until next year, takes 4 years to fully vest, and must be sold & taxes before it can be spendable cash - all to people many of whom will need training & education to understand how to liquidate, disclose, and file, is an obligation - not a bonus.
Regarding Rule of 60, it appears that it would be considered Qualifying Termination however you only earned the months until you retire which is paid out on the next annual payment date and all unearned portion is canceled.
I used to like working for this company but year after year it has been nothing but disappointment.
congrats on your golden handcuffs. SLT not going to give you a raise on your sh---y salary and your RSUs chain you to the company.
One piece of advice. If you hang around the company, when those restricted units vest, dump it for the cash. Listen, if BofA gave you a cash bonus, you probably wouldn’t turn around and buy BofA stock with it. Therefore, when the restricted units vest, you shouldn’t sit around holding them. Liquidate them and invest in something that you actually believe in, pay down debt, or enjoy as a typical cash bonus.
It’s 60 or 65 total over 4 years.
If the top floors think employees will choose to stay on so they get to keep a potential $3000 4 years down the road instead of leaving now for a WFH job where they will save that much in gas alone before the first year is up, well then they are as crazy as we all feared.
Does anyone know if someone on parental leave qualifies too? Also, what is the breakdown of # of RSUs by salary range?
So is it 65 shares a year or 65 total over 4 years. The example on the email as well as the verbiage about full value in March seem to indicate per year. If it's 65 total over 4 years, that's a slap in the face.
Sucks. Easy and cheaper for the bank to give out RSU when it probably costs them a negligible amount per share as opposed to giving us all cold hard cash. Not to mention people have to stick around to actually get the stocks vested. The cherry on top of course is that we’re facing a bear market with stocks going way down in value. We will be given stocks that are worth more now than they will be in the future.
Not impressed
Can't I just retire w rule of 60 and keep these and go work at Wells Fargo or JPM?
My commute will cost much more than $4000/year lol
better than nothing. in some cases, if you leave the bank, you can ask the hiring firm to pay for your lost RSU.
Actually the post is poorly worded it’s usually employees with compensation up to 50,000 getting 65 shares. They have not left off everyone under 50k, I don’t beleive. It should have read 50k and under, 100k and under etc. that’s my take from prior years.
To the person whose husband makes less than 50k, this is usually total compensation based - includes any bonuses. Hopefully your husband will get the award.
The way that I read it is that up to total comp of 50k gets 65 units over 4 years. Which would be 16 + 16 + 16 + 17 as a yearly distribution over 4 years.
My spouse was angry after reading the message. Despite the minimum wage increased to $21/hour which is 24 cents less than what my spouse is getting today after being at the bank for over 20 years. Now this.... How does anyone cope with this? I cannot echo what was yelled, but you can imagine. So the funny money now given in stocks at separate years is only given to folks who make OVER $50K. Is this true?
As someone else stated, of the shares you do get, it's given to you over four years.
As an example, 200 shares are given out in four year of 50x4. Plus taxes come out of that if you decide to sell your shares so you're only really getting 35 shares after tax.
So next year you get 50 shares. You sell them, cost is about 15 shares so you end up with 35 shares at price of the stock at the time. Today that would be 35x$45 = $1575. Could be more or less, depending on the price of the stock at the time.
Another way to get people to leave without having to pay severance.
Can someone explain how
This works? Not used to stock bonuses
Basically it’s a way to make people stay and forget about WFH…. If I find something better, I’m taking it.
I wonder if this announcement was made to soften the blow of bonuses being lower. No idea if they will be lower but just thought of that.
I got 200 shares a few years back. You get 50 issued to you but they take taxes out in shares so out of the 50, I had 35 issued to me. You also get a dividend equivalent in cash. It is actually much better than the cash bonus because it grows and accumulated divs
They've spent 3.3 billion on employee rewards and somehow I only ended up with about $4000 before taxes. I'm not sure why they're bragging about that. Doesn't make me feel very good about the company.
Wtf someone explain this bonus sh-t
If they think I'm staying for $750 extra a year, lol.
It's not $750 per year, it's $750 this year.
The stock is paid out over 4 years, meaning, you get squat this year, next year you get 1/4 of that, another 1/4 the year after, 1/4 the year after that and finally the last 1/4 the year after that. If you leave the company you forfeit what hasn't been vested, meaning, if you leave before your first vesting year, next March, you didn't actually get anything, and same for the following years. It's a way to make sure you stay.
You get more money over time, but you have wait for the payouts. It's used as an employee retention method.
If it takes 4 years to get $3000 in stock, then isn't 750 per year the exact same offer? Not sure I'm understanding this correctly. I need money now, not in 4 years.
Wonder what the distribution looks like? Range is 65 - 600 units based on total compensation.
It's going to vest over 4 years starting 2023. So nothing this year.
What’s the requirement to receive it?