Hi, I currently work at Bank of America and am considering transferring internally from one department to another. Are there salary caps in place for something like this? I had heard a rumor some time back that when you transfer they can cap how much of a salary increase you get. Is this true and if so, what's the increased amount capped at? Is it 20%? Thanks! #salary #internalmobility #finance
Depends on band and title and dept. Current band and title and base, location? And what are you going for?
A salary increase is _not_ guaranteed.
If the band is same, and job code is roughly in the same range - no hike. I know someone jumped from B5 to B4, got a meager 15k hike I once moved from B5 to B5. Texas to NY. Got 9k hike
These hikes were in what department? i kobe the lm
i moved from B5 to B4 and only got $6k
What if you’re already being underpaid for your job code ? Still not raise? Lmao gotta love the bank
No guarantee of raise
What’s range for b5 and b4?
The bank is losing a lot of people and departures are becoming a problem across many areas
If you transfer within the same group (eg GBAM), they cap your bonus the next year to whatever you got in the previous year. Doesn’t matter if you get a promotion or a better role.
Wow
Haha.. I moved without any hike and infact had my bonus cut coz they gave me an avg rating as I just spent only 4 months with the team.. I used to exceeds with the other team for the last 3 years.. :(
If you want to make money at bofa then you need to work for the traders or investment bank side. Commercial bank or internal IT associated with “costs” will get you very little. Also you better be in NY or CLT if you want to have career growth. Maybe Jacksonville, but honestly if you are not in a core location and working for a group that isn’t aligned with money making then don’t count on much.
That’s why I’m considering leaving and looking towards tech sales instead
Honestly we are highly underpaid in the banking industry and I’m looking to switch gears myself. BofA has not lost one dime since the pandemic! The banks have been making money this entire time. The pay for banker is bad, the incentive/commission is horrible compared to the rest of the industry. It leads to people jumping from department to department in search of what pays the best because they aren’t willing to pay their employees a fair wage for the work they put in. I joined BofA with a wealth of sales and management experience already and Ethel refused to even negotiate my base pay stating the pandemic as a reason for a flat pay rate and no negotiation.
People are dropping like flies from BofA and other banks but it’s ok because we are All expendable. Why do you think they recently did a bunch of over hiring? They are preparing for everyone else to jump shift in search of better more fair opportunities at other companies. The only thing that keeps people tied to BofA is the amazing benefits and they know it. That’s why they keep the benefits so good. So they don’t have to pay us and get a tax break.
What are these amazing benefits? Benefits has gotten worse yoy for last decade. Agreed people are dropping life flies to better places than Banks. BofA will just hire a bunch of visa/contractor workers to complete operational excellence and "realign" our people...
Lol.. what benefits? How much premium/ deductible are you paying for your health insurance? I am in the tech.. I feel v r being paid peanuts considering the important financial data work v r doing? If you mess up the financial data SEC will screw bank for millions..
Health & Wellness
Yesterday
873
Lasik cost
AMA
Yesterday
1066
PM Manager, early 40s, married and ENM (Ethical Non Monogamous) AMA
World Conflicts
5h
236
Why I Find Free Palestine Inspiring
Tech Industry
Yesterday
3712
What happens when most of your team is Indian?
World Conflicts
6h
272
Israeli precision-guided munition likely killed group of children playing foosball in Gaza, weapons experts say
I am from technology side. I don't know abt the salary cap, but I moved last year.. couple of things, if you move within same band, most probably you won't get any hike, but you will get some hike if you move to a higher band.. They are quoting corona as the reason.
It’s BS if you ask me. We had record earnings and our stocks are at an all time high. I wasn’t impressed with the merit increase and bonus structure for YE 2020, as they used the same excuse.
Can't argue more.. mgmt wants to keep it for themselves!! All the decisions seems to be centralized on the top without considering the people at the bottom of the pyramid. Nevermind one more thing you need to consider is, you might end up losing money as well.. I always got excellent ratings with my old team by default coz of my strong performance over the years, but I moved to this team in the last 4 months.. I had informed this to my new mgr before moving and when it came to review, he simply said he will consider only last 4 months which I did good, but since others worked for 12 months in the team, I got avg ratings. So ended up getting 50 percent less bonus too..