Received formal offer letter today from JPMorgan Chase. The recruiter assured me that I’m eligible for a full years bonus as I’m walking away from one at my current place of employment. However, he won’t commit to it in writing as he says bonuses are discretionary. Has anyone who started at JP Morgan at EOY had an issue with this? Did you receive a full years bonus?
There should be something in the offer letter about a discretionary bonus. Some companies have a cut off as far as when someone may or may not receive a full year bonus, but if you're starting in October 2022, are you expecting to get a bonus for 2022 when you're only going to work for 3 months of the year? I'd ask for a sign on, which would be guaranteed.
Our offer letters work like a giant fill in the blank with pre-populated language and templates. We can’t edit them. So even if your recruiter wanted to put certain language in your offer letter, we physically cannot edit them to say certain things. So that’s likely the issue.
For what it’s worth, I started mid year, and my recruiter said my bonus wouldn’t be prorated. I just made sure to confirm that with my manager and reminded him during comp season. Alternatively, my friend was able to negotiate the bonus he walked away from as a sign on bonus instead of incentive comp.
Thank you!
It’s BAU for front office for an incentive commitment not to be in the letter. It’s weird. Have hiring manager confirm and seek confirmation from the next up if you’re concerned.
I’d ask for a sign on bonus instead.
I would think they could include language that accounts for the bonus being discretionary, same as they do for overall bonus eligibility. Do you have this in writing anywhere (ex. emails with the recruiter) or is it just verbal from them?
I can understand them not putting a specific amount for 2022 in writing since that calculation doesn’t exist yet (assuming bonus payouts are related to company performance), but I don’t see any reason they couldn’t put in writing that you’re eligible for the full year bonus for 2022. For them to commit to a specific number it would likely need to be a sign-on bonus instead of the typical annual bonus.
If what they won’t put in writing is that you’re eligible for a full-year bonus for 2022 I would be cautious - in general, if it’s not in writing it’s not real. If the 2022 eligibility is in writing but the specific payout amount is what’s missing, then I believe they’ve done what they can given it’s not a sign-on bonus.
I started December 20th last year she got full bonus
Okay that gives me hope!
New hire bonuses come from a different pool. Let your manager know what you expected in your previous role and they should try to do right by you, but it is discretionary so they don’t technically have to
I’m not familiar with Tampa salaries but given it’s likely a low cost location I would imagine 6-12k for a middle office/back office role
This is part of the difficult season in recruiting where come Halloween so many end up waiting to get bonuses before they take new roles. It’s not uncommon to NOT put discretionary bonus language in an offer. You can ask for a a sign on to mitigate the money you are leaving on the table but at the end of the day you are the one leaving that bonus money on the table, and that’s not JPMs issue, it’s yours.
If it isn’t in writing it isn’t real. I’d be surprised if they can’t include you are eligible for 100% of the determines bonus for your role and no prorated.
OP let us know where this landed, I’m curious!
Amazing on all, congrats!!!!
they put in writing what your guaranteed. It should say in your offer you will get x amount
Chief
Get it in writing. Or it becomes “he said she said”.
If you are taking an RB or PCB position on the retail banking side then you will most definitely receive the bonus. I just started in July along with multiple friends of mine throughout the country, and the 12-month bonus is a solidified incentive as you go through licensing and training which takes a while. The initial recruiter cannot confirm bonus, but the official hiring recruiter and/or onboarding team will. Keep in mind the first bonus starts 60-days after hire.
I will not be on the retail banking side, this is a VP Compliance position.
Discuss it with him. Negotiate a sign on bonus in lieu of year end bonus to be added into the contract.
I tried. He said sign on bonuses were not eligible for this role.
Hi, Did you get the bonus and if yes, could you share when did it get paid?