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

Originally Posted by Unregistered

In one of the local bank. Just received my numbers. This year sucks for my bank. Increment only 2%. Bonus is 4.5 months. Back office. Bonus is decent as year on year is between 4-5.5 months.

What suck? Many people queueing for your job! Be thankful.

Originally Posted by Unregistered

In one of the local bank. Just received my numbers. This year sucks for my bank. Increment only 2%. Bonus is 4.5 months. Back office. Bonus is decent as year on year is between 4-5.5 months.

why troll? back office will never get 4.5 months. average is 2 to 3 months.

2%incre and decent bonus still sux? announce here when resign so others can apply your role

I am not kidding. Past few years, there were alot of pay adjustments. The local banks up pay of staff by 1k or 2k to combat inflation. U know if u know. This year seemed back to normal le. And who says local banks bonus back office is 1-2 months. U obviously nv work in a local bank before. I have worked in European, American and local banks. Local banks pays the most bonus. European next and American is the least. This is for back office.

Local banks pay the most for bonus because your base pay is dogshit.

Back office for DBS = 5-6k for junior
Citibank = 7k
JP Morgan = 7k

How much more are you even getting? Citibank bonus is 1 month or less. JP as well.

On average, they're making 1k+ more every month than you, that's 12k a month.

In the end, total compensation wise, foreign banks are more for a simple reason, your bonus isn't guaranteed whereas their monthly pay is guaranteed.

On top of that guaranteed cash every month is more meaningful than a large sum at the end. Local bank people can't quit before taking bonus otherwise it's a waste, local bank people have weaker buying powers 11 months out of 12 because you don't have your bonus yet.

If you want to stay at your local bank that's fine, go stay there forever but to pretend like it pays well etc is just delusional and you know it, go look at the most asked question during your townhall FAQs.

Do you think Citibank has the same issue? Nope. The only top question for us is about remote working, no one here is crying about their pay like in local banks.

Seeking advice for future salary negotiation.everyone in the banking industry understand that you need to job hop to increase pay. So I have been working in a local bank for some years. I am in my 30s in a risk and control function (Compliance, Risk, Audit). So my base pay is not high around 15k. But my total compensation is above 250k. I aspire for higher base salary and total compensation of >300k in my 40s. The problem is, when negotiating salaries, based on my past experience, the increment usually top out 20%. I know that if I join a Ang Moh bank, I have to fight for 20% increment and that will be 18k. My Ang Moh banks usually dun pay out like 3-5 months bonus for risk and control. So if I can 18k in a foreign bank, with their standard 1-2 months bonus, my total compensation is still going to be same at arnd 250k, means no improvement. If I go for another local bank, doubt they will give me 20% increment since local bank see total compensation usually. Means next jump, my base likely is going to be 16 plus or 17 max. Anyone has any advice or strategy to this. How does local bank hop to other banks for higher base but not sacrificing total compensation?

Originally Posted by Unregistered

Seeking advice for future salary negotiation.everyone in the banking industry understand that you need to job hop to increase pay. So I have been working in a local bank for some years. I am in my 30s in a risk and control function (Compliance, Risk, Audit). So my base pay is not high around 15k. But my total compensation is above 250k. I aspire for higher base salary and total compensation of >300k in my 40s. The problem is, when negotiating salaries, based on my past experience, the increment usually top out 20%. I know that if I join a Ang Moh bank, I have to fight for 20% increment and that will be 18k. My Ang Moh banks usually dun pay out like 3-5 months bonus for risk and control. So if I can 18k in a foreign bank, with their standard 1-2 months bonus, my total compensation is still going to be same at arnd 250k, means no improvement. If I go for another local bank, doubt they will give me 20% increment since local bank see total compensation usually. Means next jump, my base likely is going to be 16 plus or 17 max. Anyone has any advice or strategy to this. How does local bank hop to other banks for higher base but not sacrificing total compensation?

That is indeed quite low, my advice is to try and get to the next seniority for the pay bump

The earlier poster. Any lao jiao here in their 40s and 50s in banking. Can I ask, for SVPs, issit usually higher bonus. Coz I always heard US banks bonus is 1 month, I got a friend worked 2 US banks as VP and has been getting 1 month so far. Will SVP in US banks get higher bonus ? Then for SVP level, usually what is the increment like and if job hop, issit still 15-20% or coz salary is alrdy high. When hop around at most 10%.

Originally Posted by Unregistered

The earlier poster. Any lao jiao here in their 40s and 50s in banking. Can I ask, for SVPs, issit usually higher bonus. Coz I always heard US banks bonus is 1 month, I got a friend worked 2 US banks as VP and has been getting 1 month so far. Will SVP in US banks get higher bonus ? Then for SVP level, usually what is the increment like and if job hop, issit still 15-20% or coz salary is alrdy high. When hop around at most 10%.

From my experience, the pay structure is by function not by seniority unless front office. The only hope is to join a front office embeded risk and control function. Some Ang Moh banks still have it but it is slowly being axed.

We seem to be in the same bank same group based on your comp. And to be honest, most of us the younger ones are facing the same dilemma, still have the long runway but no better options.