Tue Jan 24, 2012, 04:11 PM

boo hoo BOA investment bankers get a 25% CUT ..

http://www.bloomberg.com/news/2012-01-24/bank-of-america-is-said-to-warn-investment-bankers-of-25-compensation-cut.html

snip
Bank of America Corp., the second- biggest U.S. lender by assets, told its investment bankers to expect compensation packages that average 25 percent less than last year, said two people with knowledge of the discussions.

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Executives gave the guidance this month ahead of formal 2011 pay discussions scheduled for this week, said the people, who declined to be identified because the talks are private. The compensation cut includes salary and bonus, the people said. Jessica Oppenheim, a spokeswoman for the Charlotte, North Carolina-based company, said she couldn’t comment.
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While the company doesn’t break out pay data for its investment bankers, people in the industry with several years of experience may earn from about $500,000 into “the millions,” Branthover said. Bank of America’s global banking and markets unit had about 12,000 people at the start of 2011, according to a company presentation.

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16 replies	Author	Time	Post
boo hoo BOA investment bankers get a 25% CUT .. (Original post)	littlewolf	Jan 2012	OP
Most people would be pretty pissed at a 25% pay cut	taught_me_patience	Jan 2012	#1
You mean like average people w/ no pay raises for years & inflation eats 25%?	DJ13	Jan 2012	#2
Big difference between losing 25% of purchase power over ten years	taught_me_patience	Jan 2012	#6
The BofA exec's arent "losing 25% of their income year over year"	DJ13	Jan 2012	#8
Ya - 7 figure bonuses for bankrupting the country	FreakinDJ	Jan 2012	#3
you could aways do what my boss used to tell us...	notadmblnd	Jan 2012	#12
I am weeping!!!	Zalatix	Jan 2012	#4
Oh my someone might miss a yacht payment	notadmblnd	Jan 2012	#5
Actually, most guys getting cut in the 250k-1M range	taught_me_patience	Jan 2012	#7
ok- sailboats and cabin cruisers	notadmblnd	Jan 2012	#10
Do you know any bankers? Seriously?	taught_me_patience	Jan 2012	#14
The article isn't talking about tellers and branch managers.	notadmblnd	Jan 2012	#16
Hey, "Taught Me Patience", if you're going to cheerlead for the top 1%,	Rectangle	Jan 2012	#9
they always give themselves away with their poor spelling.	notadmblnd	Jan 2012	#11
Pretty rich for someone with less than 500 posts. n/t	taught_me_patience	Jan 2012	#15
Poor "investment" bankers get paid 25% less for their criminal fraud	just1voice	Jan 2012	#13

Response to littlewolf (Original post)

Tue Jan 24, 2012, 04:14 PM

taught_me_patience (3,857 posts)

1. Most people would be pretty pissed at a 25% pay cut

I know I would be. I wouldn't care how much I'm making... a 25% paycut sucks. Imagine working the same amount of hours, generating the same profits for your company, then getting a paycut... Most people would be upset.

boo hoo BOA investment bankers get a 25% CUT ..

1. Most people would be pretty pissed at a 25% pay cut

2. You mean like average people w/ no pay raises for years & inflation eats 25%?

6. Big difference between losing 25% of purchase power over ten years

8. The BofA exec's arent "losing 25% of their income year over year"

3. Ya - 7 figure bonuses for bankrupting the country

12. you could aways do what my boss used to tell us...

4. I am weeping!!!

5. Oh my someone might miss a yacht payment

7. Actually, most guys getting cut in the 250k-1M range

10. ok- sailboats and cabin cruisers

14. Do you know any bankers? Seriously?

16. The article isn't talking about tellers and branch managers.

9. Hey, "Taught Me Patience", if you're going to cheerlead for the top 1%,

11. they always give themselves away with their poor spelling.

15. Pretty rich for someone with less than 500 posts. n/t

13. Poor "investment" bankers get paid 25% less for their criminal fraud