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18-10-2011, 03:15 PM
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Quote:
Originally Posted by Unregistered
Ya, you know how people like to sound more important than they really are.
So how much do they earn. She said he works in a big foreign bank. Drives a Merc and holidays in the Maldives etc. Plus collect expensive watches... High flying lifestyle. Kids ride horses somemore.
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Well, traders earn a lot too. They get paid to trade other people's money.
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18-10-2011, 03:16 PM
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Quote:
Originally Posted by Unregistered
Read this thread with interest.
A VP in private banking earns not more than $300k (sing dollars?). I would think a VP is someone about 30 to 35 years old? Although it is high, I do know that investment banking pays a lot more for someone that age range. Seems like despite all the talk in singapore about private banking, it doesn't pay as well...
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Ministers and permanent secretaries earn more. If your dad is King Abdullah, you don't even need to work.
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19-10-2011, 04:36 PM
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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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19-10-2011, 06:13 PM
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Quote:
Originally Posted by Unregistered
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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Wow, from $300k for 30 to 35 years old to S$600k on average in later 30s, nice 100% jump! Aren't bank bonuses being curbed?!?!?
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20-10-2011, 01:32 PM
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Quote:
Originally Posted by Unregistered
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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I highly doubt your stats are correct given the age range...especially once u mention the assistant RM making 100k p.a..lol. What u mention is unlikely to be the norm/average.
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20-10-2011, 01:52 PM
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Quote:
Originally Posted by Unregistered
I highly doubt your stats are correct given the age range...especially once u mention the assistant RM making 100k p.a..lol. What u mention is unlikely to be the norm/average.
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Err... too high or too low?
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22-10-2011, 04:46 PM
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Quote:
Originally Posted by Unregistered
Err... too high or too low?
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Actually is about right but you forgot to mention the experience required. I saw a posting from HR before for ARM with at least 7-8 years of exp. Was offering $7k+
A fresh one would probably be half that or so
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27-10-2011, 11:26 AM
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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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27-10-2011, 12:34 PM
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Quote:
Originally Posted by Unregistered
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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Your numbers dun even make sense. You say those 5yrs exp & below make <3k, but suddenly those in late 30s (I assume 10 - 15 yrs exp) make >20k. So a typical guy joins as private banker for the 1st 5 years as a loser who can't even make 3k and suddenly in the next 10 years become superstar rise to >20k?
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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