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Factual Local Bank Salaries - DBS , UOB , OCBC (A commoner climbing up the ranks)

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  #1751 (permalink)  
Old 29-02-2024, 10:53 PM
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Anyone knows how much monthly allowance (over and above base salary) does DBS give for VP?
There isn’t any additional allowance for VP in general.

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  #1752 (permalink)  
Old 01-03-2024, 12:02 AM
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I heard VP in UOB and OCBC has extra allowance..

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  #1753 (permalink)  
Old 01-03-2024, 01:10 PM
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5 figs minimum. DBS is the most high paying local bank by far. Of course not compared to us banks but Asian bank wise, DBS is the best.
Foreign bank low bonus high base, Local bank high bonus low base. Total comp wise shouldn’t have any material differences

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  #1754 (permalink)  
Old 01-03-2024, 08:27 PM
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Foreign bank low bonus high base, Local bank high bonus low base. Total comp wise shouldn’t have any material differences
mind sharing with examples the base differential for local vs foreign?
for e.g., ppl at assoc, avp, vp level?
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  #1755 (permalink)  
Old 02-03-2024, 12:43 PM
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Foreign bank low bonus high base, Local bank high bonus low base. Total comp wise shouldn’t have any material differences
Nope this is completely false,

we can check, I know that JP BO for associate level pays 8k, DBS is 6.5k

JP pays 1 month bonus = 8k bonus
DBS pays 3 months bonus = 6.5 * 3 = 19.5k bonus

so the difference in bonus is 11.5k right?

now let's compare their base
DBS = 6.5k * 12 = 78k
JP = 8k * 12 = 96k

difference is 18k

DBS total comp = 97.5k
JP total comp = 104k

crazy that people think all banks pay the same, they don't. if they did then why would anyone ever join JP? you know that they have probation and will lay you off whenever they want right? It's a American bank which is at "will" employment even if it's operating outside of homeland soil ( outside US )

DBS is NOT an American company, they don't follow a "at will" employment. They don't anyhow fire you and there's plenty of rumors saying people get "BT" rating ( below target ) and still remain in the bank for years.

Try getting a "BT" equivalent in JP, you'll be gone by March.

Foreign banks pay you a lot more ( 5 - 10k more ) than locals for a obvious reason. Also I'm being lenient in my comparison, we're assuming that you can even get 3 months bonus in DBS while 1 month bonus in JP is the lowest guaranteed standard that everyone gets.
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  #1756 (permalink)  
Old 02-03-2024, 01:20 PM
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Nope this is completely false,

we can check, I know that JP BO for associate level pays 8k, DBS is 6.5k

JP pays 1 month bonus = 8k bonus
DBS pays 3 months bonus = 6.5 * 3 = 19.5k bonus

so the difference in bonus is 11.5k right?

now let's compare their base
DBS = 6.5k * 12 = 78k
JP = 8k * 12 = 96k

difference is 18k

DBS total comp = 97.5k
JP total comp = 104k

crazy that people think all banks pay the same, they don't. if they did then why would anyone ever join JP? you know that they have probation and will lay you off whenever they want right? It's a American bank which is at "will" employment even if it's operating outside of homeland soil ( outside US )

DBS is NOT an American company, they don't follow a "at will" employment. They don't anyhow fire you and there's plenty of rumors saying people get "BT" rating ( below target ) and still remain in the bank for years.

Try getting a "BT" equivalent in JP, you'll be gone by March.

Foreign banks pay you a lot more ( 5 - 10k more ) than locals for a obvious reason. Also I'm being lenient in my comparison, we're assuming that you can even get 3 months bonus in DBS while 1 month bonus in JP is the lowest guaranteed standard that everyone gets.
some points for clarification:
1. Cannot compare JP assoc with DBS assoc. Compare with DBS senior assoc instead. DBS the progression too quick, 2-3 years can be assoc liao.
2. Who says JP BO assoc pays 8k? They pay around 7-7.5k.
2. DBS senior assoc ez ez got 7k
2. DBS bonus ez ez at least 4 months.
3. DBS ez ez also have annual pay increment, at least beat inflation or more.
4. So all in, total comps JP = 98k vs DBS = 112k

Why u trying to lowball local bank????
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  #1757 (permalink)  
Old 02-03-2024, 01:44 PM
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Yes, I have worked across foreign banks and local banks. If you are talking about corporate support function, I would say the total compensation for local banks is higher than foreign banks. Corporate/support functions would be your middle office, back office roles like operations, finance, marketing, audit, risk, compliance, tech etc. a lot of ppl thought local banks are poor paymaster. Wait till u really join one then u compare how much you have been getting in foreign banks vs local. US banks mostly give 1 month bonus and European banks mostly give 2-3 months but there are always exceptions. Local bank bonus at least for me and good friends I know who work in local banks are usually 4-6 months. You can do a simple calculation.

I used my exp for example.
11 years xp going 12 in Compliance, 15k in local bank. My annual compensation would be 17*15=255k vs if I worked in foreign bank with higher base maybe 17k. But 2 months bonus. Annual compensation is 14*17=238k.

U can see the diff.
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  #1758 (permalink)  
Old 02-03-2024, 01:46 PM
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Default Banking MID/BACK OFFICE salary bonus 2024

Let's all compile realistic and actual mid/back office salary outcomes for 2024.

Some anecdotal obtained from peers:
DBS senior assoc in risk, 6 YOE, base 7k, 3.5 months bonus
DBS AVP in tech, 6 YOE, base 9k, 4 months bonus
BOS AD in compliance, 7 YOE, 8k, 2 months bonus
JP senior assoc in compliance, 7 YOE, 9k, 1.3 months bonus
DB AVP ops (onboarding), 7 YOE, 7k, 0.5 months bonus
MUFG AVP, 9 YOE, 8k, 1 month bonus
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  #1759 (permalink)  
Old 02-03-2024, 01:55 PM
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Yes, I have worked across foreign banks and local banks. If you are talking about corporate support function, I would say the total compensation for local banks is higher than foreign banks. Corporate/support functions would be your middle office, back office roles like operations, finance, marketing, audit, risk, compliance, tech etc. a lot of ppl thought local banks are poor paymaster. Wait till u really join one then u compare how much you have been getting in foreign banks vs local. US banks mostly give 1 month bonus and European banks mostly give 2-3 months but there are always exceptions. Local bank bonus at least for me and good friends I know who work in local banks are usually 4-6 months. You can do a simple calculation.

I used my exp for example.
11 years xp going 12 in Compliance, 15k in local bank. My annual compensation would be 17*15=255k vs if I worked in foreign bank with higher base maybe 17k. But 2 months bonus. Annual compensation is 14*17=238k.

U can see the diff.
thx for sharing! would u mind briefly/roughly sharing your pay progression over the years? is this your first local bank? did they lowball ur base when jumping from foreign?
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  #1760 (permalink)  
Old 02-03-2024, 03:36 PM
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This is my first local bank. Have worked in foreign banks throughout my career. I did try to ask for 20% when I quit foreign banks but the local bank lowball me to accept 15% increment with the assurance that local bank bonus usually quite good. I just want to highlight that since 2020, local banks have increase staff pay significantly to match foreign bank pay and adjust for inflation at least for dbs and UOB. Many staff experienced a 25-35% increase in pay during this period. U can ask around dbs and UOB friends whether they gotten pay adjustment. I am not lying. My monthly salary has increased by 40%. My friends who worked in foreign banks are still getting to standard 3% increment and risk of layoff with low bonus. Where else the local bank staff are getting higher and higher bonuses due to record high profits.
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