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

[littlewolf]

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.

snip

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.
snip

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.

[taught_me_patience]

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.

[DJ13]

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

Thats what many of these vampire financial types have done to average workers, dont expect any sympathy if its their turn this time.

[taught_me_patience]

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

due to inflation and losing 25% of your income year over year.

[DJ13]

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

This is a one time event, after annual increases that would make an honest person blush.

Even after "losing" this 25% they will probably still get more in a bonus than 10 average Americans make in a year.

[FreakinDJ]

3. Ya - 7 figure bonuses for bankrupting the country

[notadmblnd]

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

if you don't like it, get another job.

[Zalatix]

4. I am weeping!!!

[img][/img]

[notadmblnd]

5. Oh my someone might miss a yacht payment

[taught_me_patience]

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

most certainly don't own yachts.

[notadmblnd]

10. ok- sailboats and cabin cruisers

does that make you feel better?

[taught_me_patience]

14. Do you know any bankers? Seriously?

Both my brothers are bankers. They are hard working, super talented people. Your portrayal of bankers is nothing close to reality.

[notadmblnd]

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

if your brothers are investment bankers and aren't doing very well- maybe they should consider putting their "super talent" to use in an alternative profession?

[Rectangle]

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

you're in the wrong place!
You might want to go here....

http://www.freerepublic.com/

They'll be far more sympathetic to that very tragic investment
banker story.........

[notadmblnd]

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

[taught_me_patience]

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

[just1voice]

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

Frauds such as derivatives fraud, real estate fraud and basically misrepresenting every single thing they try to pawn off as investment grade when it's nothing but pure risk.