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Can't recall but I thought the latest UBS rogue trader was only 31 years old. His package was about 200k pounds, excluding bonus (which is an additional 400k pounds). If I'm not wrong, this is the order of big packages in a bank: (1) traders (2) investment banking (3) private banking. |
connection oferkb
I heard for a swiss private bank in Singapore the private bankers average around mid to later 30s.
They have a base salary of $200K to $250K per annum, inclusive of bonuses this usually amounts to $500-$600k per annum on average. Those who can fully hit their annual targets draw a total of about S$1 mil. Their assistant private bankers who do all the admin work and accounts operations for them draw about $100k per annum with bonuses around 4-6 months depending on the private banker they are under. They have no career progression to private banker tho. |
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A fresh one would probably be half that or so |
Dont want to burst your bubble.. in my line of work, I do see the payroll info for private bankers.
I would say that junior private bankers 1-5 years (mostly these are the assistants) start off with very low salary. I've seen many below 3k p/m. Bonus? 2-3 months in recent years (despite all the hype of SG growing as a PWM hub) For senior bankers (from IC number can see those are between late 30s to 40s), monthly salary more than 20k are common. But most stuck within a certain bandwith. Bonus are very varied.. seen alot 60-120k. But even in the non-banks, there are alot of people (department heads etc) who earn 20k plus per month. Of course there are the extreme outliers. Just like any other industry. But only a few.. 1-2 out of 100? |
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While many junior private bankers do play a more support role, because of the complexity of the products as well as the type of client they are dealing with, it requires far more technical and soft skills expertise compared to a normal fresh graduate executive that make easily $3k+. No way anyone's gona stay as a private banker up to 5 years for <3k and 2 months bonus. Are you sure you not confusing private banker with salesman (aka consumer banker / wealth banker)? |
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