Can anyone explain how bonuses at banks work? I had a screener interview for a director position and it was mentioned that the “base” bonus is 20% but could be higher depending on performance. Is the base amount guaranteed or is it discretionary based on performance? TIA

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At CIBC, it's calculated as salary * aforementioned 20% * bank performance factor * individual performance factor.

Before tax of course 🙃

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If the bank had a bad year (BPS 0.9) and your performance was fine (IPS 1.0), your bonus would be less than 20%.

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Bonus is never guaranteed. You can get 0% if you performed poorly.

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