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Old 03-11-2011, 03:44 PM
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You need to define " new in his job "

What do you mean a pvt banker new in his job? I.e a private banker who just begin to manage his own portfolio?

Private banker is a very generic term. Just like investment banker.

A private bank has back, middle, front office positions. I am assuming that by private banker you mean the front office RM (note within the private bank, there are product specialists (e.g. fixed income, equity, FX etc), Relationship Managers, Portfolio consultants and even a mini Investment banking team that does P/E & M/A functions for these HNW individuals)

So to really provide good/accurate information, need to drill down and define - else the info/data will be misleading.

If you are narrowing down the term private banker to refer only to the RM type role. This is a role you don't start off in (as I had pointed out). You join the Private bank as some sort of support role in the front office, or as trainee role. Starting pay is 3k-4k.

How much do you get when you become senior enough to start covering clients? This is harder to answer because it depends on the size of your portfolio, profitability and also your years of experience. A VP typically earns 15-20k. Usually, when you start being incharge of a portfolio, you are a VP by then. Bonus entirely depends on your performance.

Quote:
Originally Posted by Unregistered View Post
So in short you are saying private bankers start off at low salary because they don't start off as private bankers but work in lower level jobs.

Ya know what, I'm pleased to inform you that Group President & CEO of Goldman Sachs also start off with very low salary because his first job sure as hell is not Group President & CEO.

Thanks very much for this useful information

I think when people here talk about starting pay of pte banker, they mean simpler things like how much a private banker new in his job is paid, not how much is the starting pay of a banker on his first job after school.
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