I can only address the incentives that are paid to the Operations Division employess. Operation division employees that are at a job grade 19 and above normally receive around a 20% bonus in February.
FYI, JA screws the long time employees
BBT's board of directors on 10/26 voted to eliminate the post retirement health care subsidy effective January 1, 2005 for new retirees. They will also be reducing the subsidy paid to existing retirees. I guess
we will be asked to use both sides of the
toilet paper next.
If you want real BBQ in Wilson you have to
drive to Goldsboro and go to Wilburs. They
cook it the ole fashioned way, Parkers and
Bills use gas and you can't tell which one
from the other.
I can't address the bonuses to sales employees but I can tell you that everyone that is a job grade 19 and above in the Operations Division receive a yearly bonus in Febuary. It generally averages around 10 + percent.
There is a lot of 'RIF' ing going on. Lets just hope your not the one to be riffed.
JA has asked us to pinch our pennies. My quess is they are still going to get their bonuses at our expense. Lets see if the middle managers still get their bonuses this month.
Employees that are classified at a certain job grade and above receive options. Last years options were the last ones to vest over a 3 year period. Beginning this year options will vest over a 5 year period. These options are granted around the middle of February at the regular closing price of the day. I would not be surpised to find out that the senior leadership teams options are granted at a discount. Last years options were proced at $32.66, 2002's options were priced at 36.84, and 2001's were proced at $36.59. As you can see they are pretty worthless. We receive around 1000 - 1300 shares.
I have not heard of any salary freezes from our manager. We have been told to expect 1%
increases. It is possible to get a fraction
more but someone in your area will get less. You can be an outstanding performer and still not receive more than 1 1/2 percent increase.
By the time you figure in our medical increases we are back to zero. The big dogs
however will continue to rake it in.
We have been told by our managers that the maximum raises for this year will be 1%. However, managers that are grade levels 19 and above will still receive their hefty yearly bonuses in February in addition to the yeary raise.
Please sell this loser stock JA. As an employee its hard to work our tails off for a 1% yearly raise and watch middle management and up receive yearly double digit increases. This is the worst performing bank stock around.
The 13 branches that are closing are all FVB branches. All accounts and employees associated with those branches will be sold to the bidder of BBT'S choosing. BBT is not being required to divest any of its Virginia branches.
Just to clarify a point you made concerning options. Not all employees receive options.
They are only distributed to personnel at
certain job levels.
BBT will perform the systems conversions as
Mason Dixon - 03/17
Matewan - 04/14
First Liberty - 05/19
First Citizens - 07/14
Premier - 07/14