The Fed raises rates and overnight the bank updates/adjusts all accounts.
The bank's pay increases take a quarter of a YEAR before they go into effect.
6 replies (most recent on top)
Interest rate increases will only translate to more profit for the bank if you assume charge-offs don't also increase. The stock price is going down with the rest of the market because a weak economy means more loans likely go bad.
I also work in a position that is specialized and deserves more than 3% especially since the minimum went from 15 to 18 earlier in the year and long term employees got zero. Plus they took our small bonuses away this year and gave us a paltry 3% increase to make up for it.
To the prior comment: The "rest of us" is not the rest of us. 3% doesn't come close to the wage compression affecting the power grades, but it's more than the nothing everyone else gets. Apparently if you make above a certain amount, you're just supposed to be happy working for less money than you were before. My salary is low for my line of work, region, and experience. I've given more time to this company than they ever deserved.
Well been at the bank 20 years new people now get 20 an hour starting in November and the rest of us get a 3% increase. That’s a whopping .71 cents and puts me about 4.00 dollars above the new person. Quite insulting after 20 years to be making barely more than a new person after so many years.
I often read this site and rarely contribute. The quoted pool above is true. Sadly, the senior leaders are looking 7-10% increases and larger than normal incentives. Meanwhile grades under 17 are getting Pennies on the dollar. Don’t let 4-6% get you too excited
- 5-6% merit pool this year. That’s word on the street. But it take forever to get.