It was stressed that it is an award and not a bonus, because it’s not a bonus. If it were a bonus, there would not be a contract behind it and it would be paid as income simply for the business we did in 2008. And god do I wish it would really be a bonus and they would just give us money! Yeah.



I can hear my BOM saying it now, "Great job last year MrBig, since you did so well, here’s an extra $1,000,000 just for the Frick of it. No strings attached."



Oh crap, must have been daydreaming, sorry.

It is fascinating how those two blogs have so little interest in understanding the facts…I think if the average FAs was called an “executive” to their face, they would want to punch someone.  Oh well, everyone has their voice if they have internet access, even if they are completely ignorant.

Retention is still being put together.

I have heard that the package is being delayed, may be a few months before it is final. Apparently they are extening due date in partner award contracts. Any one know much about this?

Partners award is being paid out on March 13

If we do not hear anything by the end of next week I am going to assume that we are just being strung along like the folks at WS and will take my business to UBS.

smells like a plot drag this out so that our t-12’s suffer and leaving becomes less attractive.

It is supposedly going to be based on 2008 production, no matter when it is announced or awarded.

They need to do something pretty quick.  Another two weeks like the last two, and there won’t be a Citigroup for MS to write the check out to.

It looks like Squizz was right.  Details hit the newswires this afternoon.  Apparently, now managers know the full story.  Does anyone want to share to end the suspense?

My buddy at SB just phoned me on the way into the meeting.  He said it was a half-upfront and half-backend deal, going from 20bp to 75bp on the high end for the up front cash package.

20 to 75 basis points or percent? I am scared by how many posts on these forums show that the writer doesn’t understand what a basis point is.

First post here.  This forum has been very helpful and informative.  My
2008 production was a bit under $400K.  I know I’m shut out of the
initial package but I think I saw where you could get something in a "grow your production 25%"
scenario.  Is that just for the $500K and up crowd as well or is that open to FAs at all production levels? 



Thanks.



BF

I apologize–it was percent.

Another friend called after the meeting.  He barely cleared the 500k hurdle in 2008.  His package is for 30% upfront, with another 30% payable if he grows his biz 25% by end of year 2011, to 625k.

But they did something funny with the advanced length-of-service bonus, which is going to be paid in March.  In his case, it works out this way:  he gets $66,000 LOS bonus payable in March, then the balance of his $150,000 retention bonus paid in January, 2010, which is $84,000.  I asked him why, if the money was set aside right now, everyone had to wait until January of next year, and he didn’t know.

Thanks for the info!  I'm sure you already know this, but just in case the TARP police are listening, the "advanced length-of-service" isn't a bonus, it's a loan. 

The reason for 2010 is that they will show the money coming from earnings and not TARP.

anyone hear if its the same for citibank branch advisors...the ones who are not part of JV?

anyone hear if its the same for citibank branch advisors…the ones who are not part of JV?

The slick thing they pulled was making it based on 2008 calendar year and not fiscal year (ending in Nov). This hurt a lot of people who sprinted to the finish in November and had a down december.

[quote=msbos] The reason for 2010 is that they will show the money coming from earnings and not TARP.