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

Hi,

Been searching for local bank salaries as I am progressing the ranks in a local bank. I checked through this forum and feel that many people are not giving realistic salaries. Example, work for 2 to 3 years can become AVP. or AVP salary > 15k etc.

Below are the ranks that I am aware of based on my experience. I was working at the back office and now currently in the middle office.

Hopefully the community can update what I type. I appreciate people giving actual salaries that they have received when working. Kindly avoid those" My friend told me" comments. Also, if you are a high flyer front office guy, please do comment on other threads. I believe if you are a senior rank person, ED, MD , you probably will not look at forums for salary guide.

UOB: Class 2 Officer , Senior Officer, Manager, AVP, VP1, VP2, FVP .....

DBS: Analyst, Associate, Senior Associate, AVP, VP, SVP , ED , MD

OCBC: ??


I can confirm that if you are back office UOB AVP, your salary can be something like 6k+ (lowest). The band is quite wide.

For Associate, your band can be 4k + to 5.8k. For Senior associate, can be from 68000 to 100k per year.

The above figures, I have worked the roles before and have asked the HR directly.

For DBS, most back/middle jobs require at least 5 years of banking experience. 8 years and above for AVP.
Please do share more details.

i am CEO of Goldman Sachs.

last year i worked as bank teller for them. within 1 year i hit the CEO post and am proud of it.

my current annual salary is more than Prime Minister Lee Hsien Loong.

I myself am befuddled by the ranks in the local banks. I have recently shifted from dbs as associate to job senior officer.

I was drawing 4.2 as associate in dbs and 4.8 as senior officer in uob

How many years of work experience do you have?
How many months bonus in total will you be getting?

Let me try to input for OCBC.

OCBC: (Bank Officers), Associate8, Assistant Manager7, Manager6, Assistant Vice President5, AVP4, VP3, VP2, VP1, SVP?, MD?

Not very sure of the senior ranks. But within each rank, there is a band

I entered as fresh. So total would be 5 years. I received 3~3.5 months not sure about now.

What is the requirement to become an associate of bank?
Apply few time but not success.

Worked in OCBC year 2000 till 2001:
- Entered as Poly grad with 3 years experience $2.1k base (rank is Bank Officer)
- Promoted to assistant manager in 2001, pay $3.2k

Worked in DBS year 2006 to 2007:
- Entered as AVP, pay $7.5k... qualifications is non-degree (only with diploma)

Worked in UOB 2015 to 2017:
- entered as VP1, pay $10K.... qualifications is Master degree (earned in in 2014 via distance learning)

Worked in Stanchart 2018 till now
- Entered as Band6, pay is $160k base per annum

DBs average how many months of bonus?

You have a very good progression in the first 8 years. It kind of slow down between 2007 to 2015 comparing to other years. Possible to illustrate with bonus? It is an amazing feat that you did earn $7.5k without a degree with 7 years experience.

$7.5k after 6 years indeed is very impressive for a non-grad. That's almost a Band 6 salary on the low end at StanChart. Out of curiosity, what happened between 2007 and 2015? Which industry did you switch to? Since your salary was hovering in the Band 6 range across these 8 years.

Here's my progression:

UOB:
2010 - entered as Senior Officer as fresh grad at $3.25k
2013 - promoted to Manager in 2013, $4.7k
2015 - promoted to AVP, $6k

DBS:
2017 - entered as AVP after 1-year stint in non-local bank at $9.5k, currently $10.3k

What is your role and how much bonus are you currently on?

In a middle office function, last year's bonus was ~5 months

choosing the right industry can make a paramount difference.

One example I know, an NUS phd, started with 3.5k per month, after 10 years working in A*STAR, only making 6.6k per month, ~100k per annum.

After switching to banking. 4 years later, is making 18k per month, ~250k per annum. Think what could have been achieved if started in banking straight out of school.

Is he doing same role in banking?

Actually does anyone knows if the jobs posted by these 3 local banks in the various portals are actual vacancies? I have seen the same role on portals for more almost half a year...

Started in non bank 3k -2013
Now in foreign bank 6.4k -2019

You didn't read properly. He joined ocbc in 2000 with 3 years experience. That is 10-11 years to get to 7.5k. Lol..

Band 6 in Stanchart is 8k thereabouts? I'm slated to be promoted to Band 6 next year and I'm more than 2k away from the 8k mark. I don't see how HR will give me such a big increase when the time comes. Sigh.

Hi, anyone in the local banks know if your organisations mo/bo are hiring now? Have been trying to apply for a few roles over the last few months and receive zero response...

Try jobsbank.

FO ftw, no point working in BO

Anyone has reliable info on how much a Senior Officer in UOB is paid? Fresh grad. For MO/BO roles.

3.2k-3.5k max for normal hire no experience

How long does it usually take for local banks to get back with an offer?

I completed all rounds of interview with a local bank recently.

For those who have high salaries and have been working in a bank for some time, based on your observations and experiences, how easily does an individual get retrenched from a bank (perhaps, looking at the economy in the last 10-15 years)?

Retrenchment means your position is being eliminated because of business restructuring, which means the bank can’t immediate hire your replacement.

However, there is a big “juniorization” trend in the past few years where they tend to replace older more experienced staff with cheaper junior staff. As your pay goes up, you need to be more ready for the axe. It’s the sad reality.

From Public to Private
 

hi all, currently a civil servant but considering a job offer from a bank in a similar role. am thinking whether to base my asking pay on my current total annual package inclusive of bonuses, wondering if that is reasonable.

No harm trying.

At most they will likely to offer you lower or match you.

which part of middle office and back office cannot be outsourced?

Seems that banks can have a lite presence in singapore with just a customer facing side.

anything that needs to be located nearby can be based in jb, just a short hop away

Probably internal audit? I've never heard of them being let go. Usually it's operations and IT that get the axe.

No need to brag or what, hire me right now and we will all know if it is real.

Banks is not where real money is now.. Just like brokerage, investment bank.
U have look at what industry is growing for next 10 yrs
Move out bank to logistic and e commerce private Co as a CIO
Took a slight pay cut..
Company went ipo, with given shares...
have liquidated some, house in district 10 full paid, renting another for retirement
Some of friend ask why I gave up at 250k per annum job...to do this

Frankly it is still a lot of work. I am building something for next 15 yrs and I only answer 1 person

And I enjoy the work compare to previous life's where I need pleased so many md

hi @ anyone that has worked/is currently working at UOB as service exec, may i know is the salary dependent on commissions from cross-selling bank products?? cause i'm cool with suggesting products to customers & customer service stuff but nope if i have to aggressively push for customers to sign up for services/products cause my pay depends on the sales i can get lol imo i feel like that should be more of what personal bankers do?

thanks in advance to anyone that can help me out with this qns! ���� kinda noob about the banking industry & whatever that's related to it ��

Hello, would like to ask what is the best way to enter a bank job without relevent qualifications?

which department is best for people with no experience to start?

teller to brnach manager?

Interest rates for staff
 

Hi.. what is the average interest rate given to staff for their deposit accounts?

No preferential rate

employee preferential rates
 

Really? I took this from DBS website..

"DBS’ benefits schemes are geared towards ensuring the wellness of our employees, with key initiatives under our iHealth programme designed to encourage an active lifestyle.... Staff can also enjoy banking privileges including preferential interest and loan rates."