Cit Morg Grid
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Does anyone have any idea about what the grid will be going forward?
Last year I did $368k and this year I am annualizing slightly under $300k and my final payout was about 37%. My manager told me the payout reduction would be no more than 4% of last year's payout which means I would be at about 33%. As of the new month I am at 30% so he is clearly wrong. The FA comp desk told me the comp is based upon my doing $368k this year and the payout would be 35% at that level. Take out the 4% because I am annualizing less than 300k and the 30% payout almost makes sense. But then the guy on the desk told me there will be further reductions in September which he could not explain.Sorry to hear that. I’ve seen guys from both sides… SB and MS leave in droves since January and nobody here would disagree that there’s no love for FAs doing < $500k in the wire world. Why are you so shocked? I’m sure the firm is doing all it or they can to screw those who won’t leave on their own. That’s what high cost wirehouses do my friend. If they’d just come out and told you it’d be 30% would you still be posting here or writing your ticket elsewhere?
Burton:
I'm not shocked at all. In fact, Since the new grid was announced earlier this year, I've done quite a bit of research on where to go next. I told my manager I cannot not / will not work for 20% but he encouraged me to hang in there for a little longer which is what I did in hope things would improve. I believe I can hit $500 but the market has crushed my trails so it will take me some time to recoup. However, if the firm is going to ding me below 30% I will have no choice but to move. Ray Jay is looking good. Are you with MSSB? Thanks.Alice:
I'm NOT whinning. Just want to know if ANYONE understands the MSSB grid.PM me, I’m not with Satan’s firm (MSSB), but I have an idea or two for you. Not a recruiter and no $ in it for me!!!
No changes to '09 grid on SB or MS side from what I understand (each retains their own)…merged/one firm grid in 2010. That will be interesting.
I’m not sure what part of the country you are in, but you should take a look at Stifel. I came from the MS side after 15 years and it’s been great.
I agree...using his example at 300k you would be getting a 42% payout and over 45% at 500k at SF!I’m not sure what part of the country you are in, but you should take a look at Stifel. I came from the MS side after 15 years and it’s been great.