Bank of America’s “average” bonus is $400,000.
Of course it’s not a real average at all. It’s totally scewed.
$400,000 is basically just calculated by taking the $4.4 billion total they’re spending on bonuses and dividing it by the number of bonuses.
Young bankers obviously get much, much less than $400,000, and senior bankers get a lot more.
But a lower bonus has its advantages.
Young bankers aren’t affected by the cash pay cap Bank of America imposed on bonuses higher than $100,000, we hear.
And they also have better job security, because they’re so cheap.
Bank of America actually wants to hire a bunch more of them – 2,000 cheap young rookie brokers, to be exact.