Bank Of America's $400,000 "Average" Bonus Is Bogus

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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.

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