Most companies I have been at clearly state the company’s bonus structure for employees. For example level A 10-15% bonus potential Level B 15-20% potential etc. Does anyone know if there is something like that at BNYM? Does a “Director - level M” have more bonus potential than a “Senior VP - level L”? If so what are those numbers?
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I don't work here any longer, but I remember as a manager, HR told me to hold back a certain amount because RR needed it for "his top people". The impact was a few thousand so for my team, they could've gotten another 500$ on average. Nothing too big, but on principle, pretty messed up. Why would HR tell me this and shouldn't the system they use only reflect what I can spread out?
I think my team would've done a little better had we stayed in Finance, which is ironically non-client facing and fairly back-office. It seems based on the responses here, the numbers and methodology is all over the place.
Kind of crazy when management has decided that people in NYC making 90K per year with maybe 4K bonus are too expensive, yet there are people that make double that who do half the work and are based in Boston.
Any attempt to discourage or punish wages discussion is illegal, we should talk about it more often for transparency
@1uub: You are correct that the year after the "merger" Mellon people got scr**wed big time. My bonus was cut by 75% (I was managing a global function at the time) and my New York overlord flat out told me that it was because Mellon people had generous bonuses. He said he had to take most of mine away to give to his other team managers in NYC. It took me 14 years to get back up to the same level of bonus that I had before the takeover. Glad I got out of there...
Our employee handbook is full of details about BK's bone us structure.
Never ever heard of bonuses for clerical staff.
Curious to see some real numbers here along with cost center to gauge ranges. I’m a fairly recent hire in operations, L grade, with contract wording of bonus eligibility “up to” 20k. Not sure how reasonable it is to expect coming close to the bonus ceiling.
Wait, you guys got bonuses? I was I grade and NEVER got a bonus!
No Gru? Of course there is. Shortish little pudgy dude walking around headquarters. Liver-lipped, balding, with all the warmth and charm of Vald Putin. Nobody understands him when he speaks. Gru.
There is no Gru
The most I got in the UK never exceeded 3 weeks wages.
I used to get about 40% of my salary in bonus
Take my post with a grain of salt.
Got exceeded every year and originally sat in Finance supporting ASD. I was a K grade in 2021 and 2022, which I got 13K and 14K respectively. We moved back to ASD in late 2021. I managed people but while our group wasn’t revenue generating, we performed analyses to maximize revenue or hold the line on fees.
My strongest employees stayed in the 7k range but the less seasoned were 1k to 3k.
When I left late 2022, I would’ve expected a lot more bonus to go around as we did get hit with layoffs but my old teammates only got a few thousand more each. What a joke.
So glad I found a firm that is not only less stressful but always pays a lot more. I’d be su---r if I waited around for a bonus.
At BNYM everything is gamed. You’ll never see anything solid on bonuses because they are the favorite and least defined benefit.
Bonus structure is very tied to what team or function your job is in, there’s definitely no bonus structure by job grade. I’d say the amount of bonus you receive is dictated by four things: how close you are to revenue being recorded, how well the bank did in the past year, how well your group did, and your individual performance/seniority. A back office director might get the same bonus as an analyst in a front office role. Some analysts (H grade) in front office roles who started in August received $10k bonuses for their first three months with the firm. To some, that $10k might sound like a lot, but for their role across the industry, a $30-35k bonus run rate for a college grad is low.
If you make the company money (generate revenue through sales, you’re in an investment role, etc.), bonuses are good, relatively speaking. If you cost the company money and are a required expense for the place to operate, bonuses are generally bad as reducing cost in those types of roles is a primary objective.
ive given up on having any expectations for bonuses. my bosses claim i always get the highest they can possibly give me but then you hear other ppl on here who are lower levels getting like 10k. truth or not its all BS
I remember the year after we were acquired. We all worked our tails off on that merger. Our New York captors gave us the bad news that the bonus pool was cut. After about a year building trust with our coworkers at our level they told us that the bonus pool had actually had been increased but they were not allowed to let us know.
I’ve always worked as hard as I can, year in year out. I’ve been shocked by great bonuses and shocked by horrible bonuses. There is no rhyme or reason to it as far as I can determine.
It’s muddy on purpose. Has been for at least 15 years.
There is no set formula or consistency across the organization. It’s basically voodoo. Your manager gets a number and has to spread it across her team as she sees fit. It is totally insane how little transparency there is into the process and results. Asset Servicing used to have scorecards for some staff, which gave a decent degree of insight and transparency but this was one of the things that Gru ki-led when he came along. Now you just have to pray that you are liked and kiss enough a** to get a decent number.