Not Enough Bullets: A Continuing Series

Well, now that Merrill Lynch was forced to sell itself to Bank of America, some of it's employees are feeling insulted by the retention packages offered:

The problem isn't with high-flying producers bringing in at least $1.75 million in annual revenues. Those employees will most likely get 100 percent of their annual revenue as a retention bonus, spread out over seven years. The bad feelings are among those making less. A financial advisor producing $700,000 in revenues is being offered $175,000 in cash over seven years and a 25% growth bonus over three years. Manis says that same producer could get a lot more defecting to a competitor—"around $850,000 in cash on about a 9 year deal plus another $700,000 or so back end bonuses (after one to two years)."

Yeah, because so many investment banks are hiring so many people right now.....You have options.

Seriously, the unbridled sense of entitlement of these folks just buggers the mind.

These people are overpaid used car salesmen, and as has been shown over the past few months, their advice is less reliable than my cats, who at least don't try to conceal their self interest.

In the mean time, RJ & Mckay, a financial services body shop has a video out to try and generate some recruiting fees: