I’m seeing a lot of posts about bonuses. I didn’t know that was a thing. Does middle office not get them?
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@17b+1jk8q497g At least you have analysts on site. I’m assuming you are at a growth location. I’m in operations. Not in a growth location and our analysts and associates were all laid off. Only senior associates above exist. In my group for as long as I’ve been here even prior to the layoffs, only managers got bonuses. Which is all that’s left now equivalent to I grade and up.
Im a VP. And yes in ops where most of the folks we hire out of PA is some of the worst turnover ever. That location is terrible to hire out of . Nobody below me on my team got a bonus except the analysts who just started and shouldnt have gotten anything honestly. They just got here, are still in training and have the mindset that they can come and go as they please and are above everyone else because of that program . Not sure how you can alot money to them but not admins who have been here but thats sr mgmts bs doings
Ok that’s great, happy to be wrong and happy you got more than I would have expected. Are you or the unnamed coworker I or J grade? Or more senior? And are you in a part of ops that’s seeing trouble with talent retention? And are you in a high cost location? And are you supporting a servicing business (CT, AS) or a different business?
FYI I am not in ops, I’m client facing. I’m only giving the info that is passed to me in management convos. I still generally think if you’re in Pittsburgh and an I or J in ops doing standard settlement, custody ops, etc. work then I still think my $5k or less assessment would hold but definitely can be exceptions.
These will also be additional factors in incentive comp. Curious how in your case if you’ve received more how you line up to the above.
fj+1jk8q497g- not correct at all. I got over $5k and someone i know keeps getting $10k and $15k the last couple tears and does the same amount of work i do except i do my required courses and they do not so not sure how mgmt is justifying thay sh-t but some are getting way more than you think. And we’re in operations. And they even gave analysts 2500 who just started in august and not only dont know sh-t yet but think they dont have to listen or follow rules
You probably don’t work in middle office, you’re probably in operations (back office) supporting the middle office outsourcing product Asset Servicing sells to clients. The only actual middle office employees we have would be working in one of our investment boutiques supporting the front office traders and portfolio managers. Not to be ticky tacky, but this is an important distinction when thinking about bonuses and who is getting them.
Some people in your ops group probably are getting a bonus, I would expect people who are I or J grade are probably getting one. If you’re a non-exempt employee and getting overtime then you aren’t bonus eligible. Regardless, operations isn’t getting much at any level by way of bonuses since it’s a cost center, not a revenue generator. The firm wants to do operations as cheaply as possible without massively sc--wing up service. Bonuses for the more senior people in your processing group (the I and J employees) likely aren’t making more than $5k max in bonus, probably less than that. Other functions at the firm that are revenue generating are making a lot more for bonuses. You likely haven’t heard of them before because they’re pretty rare and small in your part of the company. Bonuses are most definitely a thing at BNY
In my group you got one if you were I grade up. Which su-ked for supervisors. They were H grade and didn’t get OT. Staff got OT. Managers got a bonus. Supervisors nothing. But once staff work shipped to India, sups got OT until they were let go.
If you are in middle office operations then you likely do not have bonus compensation unless you are a certain pay grade (supervisor/manager and above)
if your offer letter says youre eligible for performance based merit then yes you could get a bonus.
For me, actual bonuses started when I became grade J. That typically is the standard but it also depends on your department/role because even i level could recieve a bonus. But @ E level I also got a "bonus" but it wasn't the same as the ones you are reading about here.