At what level do you get shares of BAC stock as part of your yearly compensation? Vice President? Director? Managing Director? Or just a Manager? I'm at AVP and just want to know if I'm one step below getting shares of stock or many levels below.
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Corporate title has no bearing on anything. It’s all about the band
OP, only about half of what has been posted is correct.
AVP, B5, 100k, got RSUs this year, last year, year before... You get RSU based on how the company feels like and whether they feel like appearing to give a sht. This year got 120 RSUs even though the company had a record 32 billion in profits. Last year, the company gave bs excuses on why the raises and bonuses were so bad, and stated it was because they only made 18 billion in profit, but gave 150 RSUs. So there's no real, clear reason why they do and why they don't, or how many they give when they give it. But, one thing to note, it's not like they give you RSUs and you can just sell them for cash, they vest in 4 equal parts over 4 years, meaning 25% year 1, 25% year 2, and so on. They also take out taxes, about 30% shares, when they vest, before you even gets your hands on it. So if you got 200 shares, you'd get 50 shares next year, and 15 shares of that will be to cover taxes, leaving you 35 to actually sell.
Bonuses and raises are based on how friendly you are with SLT (Senior Leadershit Team). During (actually way before) your review time, you are given a rating e.g., E/E M/M etc. "Based" (not really but made to appear that way) on your rating, you are given bonuses and raises. Both, raises and bonuses are extremely low and sad considering the size of the organization and the amount of money they made, 32 billion this past year. Even if you get a M/M, meaning you did your job, you can still get nothing for a raise or bonus, as you are stack ranked (google it) against your peers. If you land on the bottom half of that ranking, even if you did your job well, you'll get nothing. And sadly, it's not work that gets you to the top half, just read this board. The only way to move up, get promotions, good raises/bonuses is to be good friends with the people above.
Two separate programs being discussed in this thread. The "Shared Success" is paid on a tiered structure to (as of this year) 97% of employees. Completely dependent on company performance. This is company profit sharing, not your individual comp.
In response to OP regarding RSUs as part of your individual annual compensation. This is called Variable Comp on top of your salary. Generally B4 and above are eligible. Manager receives a pool of cash and RSUs, and can allocate within their team up to their total allotment. However, the make-up of the total comp pool also depends on how CEO and CFO want to manage the Bank's balance sheet. For example, last year, it was cheaper to give all cash to many B4+ employees and no RSUs. But this year the combo cash/RSUs came back. This is why it is called "variable" pay. Also, no guarantee that you necessarily get any bonus at all. In bad years (2008), many got no bonus on top of their salary.
RSUs are part of standard comp starting at 4 levels up from lowest level in your line of business.
This varies a bit, depending on criticality of the role and demand of the role. Example: Call center 3 up managers dont get RSUs. Technology 3 up managers sometimes do. 4 levels up in both cases do.
This is usually B3. B4 is a mixed bag, with most not getting RSUs as part of comp.
How do I know? I have RSUs as part of comp. Have a nice day.
B4
Way back when (1900s thru 2000’s) you did get rsu’s as part of your bonus. They seem to have stopped that during the 2010’s, probably because they were too busy to clean up the mess of acquiring ML and earlier, Countrywide.
Some jobs from B6+ do not get a bonus. It is written into the role. I guess you can ask someone in HR?
I think it sucks that not everyone gets one.
Recently it has been anyone over 100,000 as a special award.
There’s a shared incentive award which 97% of the bank gets. Regular Stock compensation seems to only be provided at the executive level at BofA. I’m a VP and haven’t received any stock comp as part of my normal salary.