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Need advice - local bank or bulge bracket bank?

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Old 11-10-2021, 11:59 AM
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Default Need advice - local bank or bulge bracket bank?

i have offers from both a local bank (DBS/UOB/OCBC) and BB (JPM/MS/GS) and need advice into accepting which offer. i have about 6 years of experience in the KYC/onboarding space in a big bank but not a BB. both offers are MO/BO supporting FO to complete KYC.

1. considering that both banks offer the same salary, will having a BB in your resume adds advantage in career, e.g. when changing jobs, or does BB offer better progression in terms of increment and bonus? BB definitely requires more working hours a week but i don't mind if it's worth it for the name, just have to endure for 2 years.

2. in the KYC space, which segment offers better progression or is there no difference? i'm currently in corporate banking (MNCs as customers). Will be doing private banking in BB and the same thing in local bank. most of my peers seem to have a perception that private banking is better.

thanks in advance!


Last edited by sardonique; 11-10-2021 at 12:03 PM.
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Old 11-10-2021, 10:15 PM
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KYC has progression? I thought KYC and AML was for those who behkan compliance one. One day hoping to promote to a junior compliance role.

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Old 13-10-2021, 09:50 PM
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KYC has progression? I thought KYC and AML was for those who behkan compliance one. One day hoping to promote to a junior compliance role.
What is "junior compliance role" could you elaborate? junior is just a ranking and compliance is a broad term covering all domains of compliance from product compliance, regulatory compliance, licensing, AML, communications surveillance and many more

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Old 14-10-2021, 07:57 AM
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Originally Posted by sardonique View Post
i have offers from both a local bank (DBS/UOB/OCBC) and BB (JPM/MS/GS) and need advice into accepting which offer. i have about 6 years of experience in the KYC/onboarding space in a big bank but not a BB. both offers are MO/BO supporting FO to complete KYC.

1. considering that both banks offer the same salary, will having a BB in your resume adds advantage in career, e.g. when changing jobs, or does BB offer better progression in terms of increment and bonus? BB definitely requires more working hours a week but i don't mind if it's worth it for the name, just have to endure for 2 years.

2. in the KYC space, which segment offers better progression or is there no difference? i'm currently in corporate banking (MNCs as customers). Will be doing private banking in BB and the same thing in local bank. most of my peers seem to have a perception that private banking is better.

thanks in advance!
This is like comparing Toyota/Nissan/Honda with BMW/Mercedes/Aston Martin lol
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Old 14-10-2021, 12:39 PM
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This is like comparing Toyota/Nissan/Honda with BMW/Mercedes/Aston Martin lol
Sorry but you sound like a fresh grad.. There won't be huge difference between local bank and BB in terms of pay if you are talking about back office or even middle office. Local bank pays decent bonus 3 to 5 months while BB especially European banks only pays 1 to 2 months bonus.

For front office role, I agree BB pays a lot more.
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Old 14-10-2021, 07:58 PM
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Sorry but you sound like a fresh grad.. There won't be huge difference between local bank and BB in terms of pay if you are talking about back office or even middle office. Local bank pays decent bonus 3 to 5 months while BB especially European banks only pays 1 to 2 months bonus.

For front office role, I agree BB pays a lot more.
Just curious - which local bank gave you a 5 months bonus?
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Old 15-10-2021, 12:54 AM
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Sorry but you sound like a fresh grad.. There won't be huge difference between local bank and BB in terms of pay if you are talking about back office or even middle office. Local bank pays decent bonus 3 to 5 months while BB especially European banks only pays 1 to 2 months bonus.

For front office role, I agree BB pays a lot more.
ya, ur spot on
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Old 15-10-2021, 02:09 PM
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Quote:
Originally Posted by Unregistered View Post
Sorry but you sound like a fresh grad.. There won't be huge difference between local bank and BB in terms of pay if you are talking about back office or even middle office. Local bank pays decent bonus 3 to 5 months while BB especially European banks only pays 1 to 2 months bonus.

For front office role, I agree BB pays a lot more.
this is what people have been telling me as well. true enough, BB offered me a higher basic, even higher than my expected amount communicated to them while i'm still negotiating with local bank on the basic. in terms of annual package including bonus, it should be around the same or BB pays slightly higher. i was initially after the brand name of a BB in my CV but i guess it doesn't make much difference for BO/MO. have decided to take local bank's offer if package is not too far off due to better WLB and benefits.
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Old 15-10-2021, 04:36 PM
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Local bank Bo 5 months bonus? Slowly wait.
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Old 15-10-2021, 04:50 PM
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average is 2 months. if you are a good performer, 3 to 4 months is possible as per my peers working there. 5 months probably a little far-fetched for MO/BO. this only applies to one of the local banks, not sure about the others.

Last edited by sardonique; 15-10-2021 at 04:52 PM.
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