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Mortgage Bankers bonuses were loans and now they’re being clawed back
- gigatexal 3y agoA lot irked me about the bankers in this post but what was interesting is that, at least in this industry, bonuses were structured as loans forgiven after 2 years? Is that a thing in other industries? In FAANG and similar companies?
- deleted 3y ago[deleted]
- aurizon 3y agoA good way to cheat people, fire them one month before = get it all back. Lawyers and judges might weigh in on this, as it usually is there to lock people in for the 1-2 year period so they do not quit after they get the bonus. Since the company controls when they fire them it is a self serving fraud.
- gigatexal 3y agoYup. Reading it I was livid. I emailed the authors hoping they follow up on the story when the court cases finish hoping the bankers don’t have to give back their bonuses. It’s absolutely ridiculous.
- underseacables 3y agoThat's ridiculous, why would a bonus be a loan?