A blog about condensed matter and nanoscale physics. Why should high energy and astro folks have all the fun?
Tuesday, October 28, 2008
Boo hoo.
So, Merrill Lynch advisors don't like their retention offers. Maybe I'll go into the lab and fab a nano-violin to play the world's saddest song for them.
Bear in mind that's on top of their regular salary (which certainly exceeds mine and possibly ours put together), and it includes up to 25% bonuses on top of that for continued growth in their revenues. I have a tough time feeling sympathy for someone making > ~ $200K who is *only* getting a 12.5% raise plus bonuses to keep their job. Looking at layoffs and the wholesale collapse of financial services companies, these folks should be damned glad that they have employment at all.
Don't even get me started on the former CEO of Lehman Bros. He was making your RA stipend every hour.
Actually, let me correct myself. According to this, the salaries are lower than I thought. More like $100K. So, the retention package is more like a 25% raise. I understand that this is in lieu of something indexed to the advisor's returns, but come on - how is this really a bad offer given the state of the company?
I agree with you. Usually when the company that employs you gets bought, you are on your knees praying you will still have a job. In this case, you are getting a bunch of money thrown at you to do essentially nothing but continue to come to work. I guess my question would be, "Why does Bank of America feel the need to offer these packages at all?" With the financial markets in such a mess, I am sure there are plenty of unemployed, qualified financial advisors that would love to have these jobs at a much cheaper salary and no retention package.
5 comments:
I would have continued being a research assistant for you for that retention package. Just throwing it out there. Think it over and get back to me.
Bear in mind that's on top of their regular salary (which certainly exceeds mine and possibly ours put together), and it includes up to 25% bonuses on top of that for continued growth in their revenues. I have a tough time feeling sympathy for someone making > ~ $200K who is *only* getting a 12.5% raise plus bonuses to keep their job. Looking at layoffs and the wholesale collapse of financial services companies, these folks should be damned glad that they have employment at all.
Don't even get me started on the former CEO of Lehman Bros. He was making your RA stipend every hour.
Actually, let me correct myself. According to this, the salaries are lower than I thought. More like $100K. So, the retention package is more like a 25% raise. I understand that this is in lieu of something indexed to the advisor's returns, but come on - how is this really a bad offer given the state of the company?
I agree with you. Usually when the company that employs you gets bought, you are on your knees praying you will still have a job. In this case, you are getting a bunch of money thrown at you to do essentially nothing but continue to come to work. I guess my question would be, "Why does Bank of America feel the need to offer these packages at all?" With the financial markets in such a mess, I am sure there are plenty of unemployed, qualified financial advisors that would love to have these jobs at a much cheaper salary and no retention package.
Well played, well played.
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