Working in a bank

Originally Posted by Unregistered

Getting bail out got nothing to do with bonus lah, Citi, AIG, UBS, BOA etc all got bailed out and employee still getting fat bonus

You must not be working in the bank to comment this.

Its not the best time to enter Investment Bank now, unless if you are fresh grad, as IB starting pay for fresh grad is slightly better than those of local banks. FYI, majority of the Big IB are handing out minimial Increment and Bonus to back and Middle office operations. When i say minimial <5% Increment and <1month bonus. Unless if you are the top 1% performer, thats different story. Dont be surprise if you get 0 increment and 0 bonus as an average performer (>70% are average performer).

Its much better to be in a local Bank or other MNC at this juncture. Being in IB now, is like a sweat shop worker. Long hours, crazy ops processes due to deployment to India, Eastern Europe. Every single colleague or friends I know dread to get out of offshore IB, but majority are just stuck, due to minimial transferable skill set or unable to land a job with matching pay.

Think twice before you hop.

Speaking from experience when i hop from a US MNC as financial analyst (who is niaive enough to think IB are where the money are) to IB just before the subprime. Been through 2 Bulge bracket IB for my last 5years. Ever since subprime, I had be slogging my life in IB. No joke. Looks nice outside but no one know the mess in it..

> due to minimial transferable skill set or unable to land a job with matching pay.

This alone explains that the pay is still extremely good. Everyone will say he holds the sh*ttiest job in the world, so we'll just have ignore these subjective claims and compare what's objectively comparable -- the pay!

Until the day when banks pay their staff just slightly above the average white collar wage, people from all walks of life will continue to think bankers are big fat cats who are overpaid for the work they do. Every kid will continue to aspire to work in a bank.

It's undeniable that banks pay the highest salaries.

Not if you calculate the hourly wages, you are slightly better off than a macdonalds worker =p

Originally Posted by Unregistered

Not if you calculate the hourly wages, you are slightly better off than a macdonalds worker =p

Well, almost every mother's son says he works super long hours too. Even my security guard downstairs says his hours are too long.

Originally Posted by Unregistered

> due to minimial transferable skill set or unable to land a job with matching pay.

This alone explains that the pay is still extremely good. Everyone will say he holds the sh*ttiest job in the world, so we'll just have ignore these subjective claims and compare what's objectively comparable -- the pay!

Until the day when banks pay their staff just slightly above the average white collar wage, people from all walks of life will continue to think bankers are big fat cats who are overpaid for the work they do. Every kid will continue to aspire to work in a bank.

It's undeniable that banks pay the highest salaries.

I disagree that banks pay the highest salaries, as that maybe true only for the Heads/MDs range or front office staff (<5%) but quite definite not for the whole industry. If you compare to the stats boards or ministries, I would believe that their pay scale might have also surpass the Banks' benchmark already.

Originally Posted by Unregistered

Well, almost every mother's son says he works super long hours too. Even my security guard downstairs says his hours are too long.

Then let's put the numbers on the table.

You WILL average >80hours a week.
And the windows you work can be very anti-social.

It's up to what one wants in life.

[annabella]

anyone know how much is UOB bancassurance paying for their sales staff with almost 2 years exp in prudential?

Originally Posted by cslee

If ppl still can afford sky-high COEs and properties despite rounds of cooling measures, that mean SG ppl still holding on to high-paying stable jobs i.e. lots of confidence

Hi,

One, Not many Singaporeans can afford cars these days. They are in debt. They don't think about the 90k COE. They think about the 1k-2k installments every month. They look like they are rich but they are the poorest people. One retrenchment and recession is enough to drive them off rooftops.
Two, COE prices is driven by rich who buy second or third cars 'for their children. Considering many singaporeans born in sixties are in good financial shape due to growth of singapore in the last forty years, their children are now between age 20 - 30. The cars are for them. But it has taken a toll on their savings.
Three, cooling measures have little effects as there are many back end deals done by developers to 'rebate' these costs.

To answer your question, yes singapore economy is not 'doing well', we look like we are, but we are very vulnerable economically.

Reviving this once popular thread..

Care to share what's your salary increment % and bonus this year?
can include BO/Mid/FO

Me, 8% increment, small asset management firm

Abt 6 mths bonus

Total 5 years working exp
2 years in TB Ops
1 years in Project Management

2 years in Tresury Sales covering FX and Fixed Income (NOW)

Basic 6.8K basic
Revenue Target about 1mio.
Revenue YTD as of 30 Nov 2013 = 1.5mio
Comm YTD as of 30 Nov 2013 = 79,874.58

Just had appraisal with boss last week, he said will fight pay rise for me.
But chances are very low due to current market condition.
Last year pay increment was 5%.