The largest employee migration in Bank of America Company’s history has begun following the February bonus and 401(k) contributions. While some employees are waiting until the end of March for their RSUs to vest, many senior leaders are departing after receiving substantial bonus payouts.🤫
20 replies (most recent on top)
@OP Exactly what talent? I think you are thinking too much of yourself.
@11 - I just left, along with several colleagues. People give up and leave every year.
This is their Strategy. Make us miserable so they don't have to pay out anyone.
Unfortunately, it is working. 35 years down the drain and gone.
oh well, buh-bye.
Every year, "everyone" is leaving. Nobody is leaving.
@w5 - thank you. I was fortunate to have a good run with several good managers for the first half, then due to mergers it went progressively down hill. I was in denial, thinking I could "wait them out". Which I did, but the next one was invariably worse each time.
Sad days for what used to be a Great Place to Work.
I hope those started out now, or even midway thru career, learn from my mistake and listen to your wise words. I was always too scared to leave and jump into the unknown, but it likely would've been better.
@kn Sorry to hear about your story. It is best for career and pay to never be around in the same company for more than 3-4 years. Moving around gives growth. Unless you have a great boss who genuinely cares about your career and s/he is powerful/well connected in the firm or their boss is powerful. Then yes...it makes sense to stay around because boss won't steal credit, will give fair ratings and push your career ahead. But literally this might happen once or twice in the whole career. And unless this is currently happening, it is always best to move around if yoiu're not a bootlicker who excels in politics even if has no real knowledge of work.
@kn your comment resonates so perfectly with me. Im also a B3 and a 20+ year employee of the bank. I used to be proud to say that I worked here. Now, I’d tell people to stay away. Do not make this place a career. Use it for a few years and leave.
@cm interesting chart but without a 13 month or more view it really doesn't tell a meaningful story. Put that in your acceptance criteria
@jx - who else? I quit the minute that Feb 27 "bonus" (ha ha) payment hit. Gave up on ever getting a real LAYOFF with SEVERANCE. (gosh, I remember colleagues who got 3 weeks per year - sigh, those were the days)
B3 here. out the door. tired of being told "you are at the top of the pay range for your role", which must have been set in 1976 or some century ago.
Tired of others leaving and having "their" work spread to me and my team. (gosh, I tried guys, really I did) But it was relentless.
Got everyone I could promoted before I gave my notice.
Gut kick that the Board sees fit to pay BTM so f-ing much, when the people doing the real work are not even keeping up with inflation.
Management keeps saying "expenses are running too hot/too high", while turning a blind eye to their own egregious comp. While the rest of us have the work of 3, 4 and now even 5 people crammed onto us, with a lousy 1% increase. (and then told we should be "grateful". F.U. BTM and Boston Mafia who continue to enrich yourselves at our expense.)
Tired of the b.s. So I am out. Their pathetic "strategy" to "reduce expenses" by making it so awful to even do our jobs is unfortunately working with many of us just resigning.
I gave 35 years to this place. A sad sad sad way to exit.
I just hope those who follow learn from our mistakes, draw boundaries, live a real life and don't let this place su-k the soul out of you like we all did. How stupid I feel for giving my youth to this schlithole.
I scrimped and saved enough money to pay for 1 year of ACA before Medicare hits. Tere are no Retiree Benefits anymore.
My best advice, hop from company to company to increase your pay and save along the way so you have more control of your future than us d-mb sods.
peace out.
@jx Which parts of the bank? Who?
This is legit, since Friday there has been seven senior executives that have “retired” or resigned
@ep For retirement, the job market is not the issue. It is the attainable sweet spot when you can afford health insurance before Medicare. As I am eligible for SS, I will have some income but not even close enough to pay bills and have the same health coverage currently at BOA. It is a numbers game. It is obvious that BOA will not give out severance packages. Instead they are forcing tenure employees like myself with cr-ppy pay increases and overloading our responsibilities. The RSUs are a joke. If BOA gave us the same health insurance rates for retirees as employees, then I would retire immediately. Plus, it would be CHEAPER than a severance package. Yes, I understand a severance package would include employee rates for health insurance, but that is only for less than 18 months. Did you read this HR? I am giving you an idea to get rid of us old timers which is a lot cheaper than a severance package.
@ep
bingo, it's very bad
Even if they wanted to quit, where will they go? It's a sh1t job market
Who quit?
Everyone on my side of global ops is still here
So basically they want people to quit for them to hire h1bs opts and h4eads?
I think this post is written to discourage citizens to quit.
Sadly this will be a measure of success “if you don’t like it you can leave” as the goal setting pep talk.
They honestly want this to happen. There’s a head count number we are trying to achieve through attrition.
@cf https://www.morningstar.com/stocks/xnys/bac/executive
They don’t pay tens of millions. OP is right however, many are leaving now. Retirement wave keeps getting bigger and bigger each year, with their roles not being replaced, but instead just assigned to others to do (who are already over worked and under paid).
@OP More details? How senior? What parts of the bank? Why would BofA senior leadership give up jobs that pay tens of millions regardless of business performance?