How are bonuses for IT jobs at banks calculated?
For investment bankers I would assume that your bonus would depend on what team you are a part of, what's it like for IT, does it depend on what industry you are covering as well? Which teams get good bonuses? Are there any? Lol
it’s a combination of firm performance and personal/team performance, but they tend to be lower than the investment teams. i get ~25% of my salary, and my offer letter stated that i was eligible for up to 25%. it can go above 25 though to retain people or reward them if they lead something or took something new on in the past year
It's all arbitrary and popularity contest. Don't listen to anyone saying otherwise. I've worked at various banks for over 15 years and done comp myself many times.
In front desk and good year, 50%+ is not unheard of. However I never know anyone getting 100% in big banks IT.
Goldman Sachs during the good years engineers got like 100-200%. Those days are long gone
Yeah, good old days which I'm not part of. My exp is based on recent 10 years
It's pretty imprecise outside of revenue generator teams. In tech u get the same u got last year +/-
Yeah, really depend on teams
Has to leadership got all the pockets full? Any penny remaining will go towards engineers 😀
I work in IT but you can't go closer to FO than me and in my career, never got more than 12%... I am also the top performer according to my manager
Morgan needs you
TC and YOE?
For IT, if you are not in a managerial role, do not expect more than 10-12%
Bonus based upon performance rating, level and location. For director IT in my location range is 33-66k; long term incentives add 11-33k (same factors apply)
Depends on a myriad of factors - what business unit you support (asset management vs brokerage vs workplace solutions vs retail vs ibank etc.), how that BU performed in terms of revenue, how many regulations you failed (only severe) and so on. One allocation bucket from the profit is for the bonus pool, which depending on the said factor and historical performance of the BU, team, and/ or individual gets allocated. For example, I m not in FO. My bonus allocation pool is say 20%. The firm at the EOY will decide to pay out between 60-125% of that pool allocation based on your individual performance i.e. a less than average person may get 12% and a star may get 25%. Not the only way this done by any means.
The key point is it's all arbitrary and there's a TON of room left to your manager and upper management to fudge the numbers either direction. It's never really scientific