Working in a bank

Originally Posted by Unregistered

The lesson to be learned from these postings is that if you have sterling academic results in school, you should leverage on it as early as possible to get into medicine, dentistry or law. That will almost guarantee you a comfortable annual mid 6-figures income (at least) till retirement. Instead of trying to impress nobody, but yourself probably, going to top overseas universities taking courses like business and finance and then hoping to land an IB or MBB position, whereby the probability of success is much lower. The number of Singaporean partners in top investment banking and consulting firms can be counted with the fingers in the hands, whereas the number of million-dollar Singaporean law firm partners or doctors who overbill their patients can be counted with the legs of a millipede.

The other lesson, don't join the RSAF if your ambition is in banking. That will almost surely land your resume into the waste paper basket of an IB (unless you have a residential address like 2A Ridley Park).

Just wondering, for a lawyer to switch to banking mid career, say perhaps around 27-28 (i.e. first or second yearer drawing 6-7k monthly, other than going in house as legal counsel, would there be other potential positions as well? This is with reference to a corporate lawyer of M&A specialisation, and some experience handling PE and collective investment schemes. Or would it be better to stay in practice and postpone the career switch?

[Kenn]

Hi peeps,

Dropping by to share my 2 cents worth.

From my formal experience in Banking Industry (Consumer), it is relatively progressive to achieve $5K-$6K, estimating 3-4 years in the workforce. After the trial stage, the progression often compliments/reconciles/work (whatever it is) with this term known as "Established Network".

Unfortunately, without networking within and/or out of Dept(s)., it will be a tough, toxic and political journey up the corporate ladder.

Note: Aggressive nature is the optimal Defensive vanguard - Attack is the best defense

Cheers,
Kenn

Originally Posted by Unregistered

How true is that for all banks? What's the pay increment and bonus difference between local and foreign (i.e US banks)? Is it true that us banks generally earn more, even in BO?

I started work in 2004 in consumer banking BO. So far have worked in 3 banks, 2 local and 1 foreign. Current pay is $6.8k. Do your maths. I would say I'm just an average performer, or slightly above average. So mine would be the typical payscale most people would follow. Bonus is like 4 months on average for the past 3 years.

Originally Posted by Unregistered

How true is that for all banks? What's the pay increment and bonus difference between local and foreign (i.e US banks)? Is it true that us banks generally earn more, even in BO?

Started at 68K basic in an IB (BO IT) close to 4 years ago.
Promoted once, jumped once.
Slightly over 100K now.

Anyone out there knows what is the annual pay range for an associate in RBS?
Thanks

Originally Posted by Unregistered

Anyone out there knows what is the annual pay range for an associate in RBS?
Thanks

US$220k for a 1st year associate, ~US$250k for a 2nd year associate.

I had the impression that RBS is not doing well and had to be bailed out by the govt in 2008. Does this mean that they cant be paying variable bonuses? And I doubt that basic salaries will be high as well.

Anyone working in RBS and can shed some light on this topic? Has RBS been paying variable bonus last few years?

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

Originally Posted by Unregistered

Anyone out there knows what is the annual pay range for an associate in RBS?
Thanks

Originally Posted by Unregistered

US$220k for a 1st year associate, ~US$250k for a 2nd year associate.

The figures cant be true. Super inflated. Anyone out there really work in RBS Singapore and know the annual pay range of associate?

How can you say being bailed out have no impact on bonus? If you needed to be bailed out means you were on the verge of being bankrupt. If you needed help to survive, how can you still give good bonus? Wont that be sending a very wrong message to the investors?