How is "top bucket" determined at smaller banks? Is this done by group, by location, by deal team?
I'm at a smaller MM bank, small team so I'm confused as to why there even is a top bucket among a single digit team

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Not quite sure what the question is. At my firm (also smaller MM), we review all of our colleagues (across all levels in the context of our working relationship with them) and that’s synthesized by senior leadership and drives bonus % and promotion eligibility. No defined (or at least communicated) performance buckets though. I’m sure at other firms it’s often just leadership perception of performance with mid year and year end discussions to get more context.

Ah I see. Well I guess my question is more, is top bucket relative to your whole bank in your city? Or just your industry group?

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