Banking - Back Office

Originally Posted by Unregistered

Don't be a joke. I came from settlements. A senior analyst draws about 4.5k. It is a dead end job. You get promoted when you have stayed long enough. Do not glorify the job. You don't need much financial knowledge to do settlements. It is a department with the most aged employees. A fresh grad would probably get 2.4-2.8k in local bank. Bulge bracket 3.2k then rot there and have 4% increment yearly with Max bonus 2 months. I'm glad I left that role after 2 years

we also hire some sidekicks. You never know who is normal or decent during interview. Most people only reveal their true greedy and selfish personality after few months. So we hire them and pay them peanuts first. We can hire analyst with 5-6k no problem but there is no need. And we will tell them you have to work hard but pay is low. You need a lot of drive and don't mind poor. But actually it was just a test. If you are positive and not money minded and your boss likes you, you will probably get some adjustment from 3-4 to 5-6k in a year or 2. Seems to me like you failed the test and your boss is trying to get rid of you.

Originally Posted by Unregistered

we also hire some sidekicks. You never know who is normal or decent during interview. Most people only reveal their true greedy and selfish personality after few months. So we hire them and pay them peanuts first. We can hire analyst with 5-6k no problem but there is no need. And we will tell them you have to work hard but pay is low. You need a lot of drive and don't mind poor. But actually it was just a test. If you are positive and not money minded and your boss likes you, you will probably get some adjustment from 3-4 to 5-6k in a year or 2. Seems to me like you failed the test and your boss is trying to get rid of you.

Lousy hiring philosophy; there is absolutely nothing wrong to be motivated by money as an employee.

Originally Posted by Unregistered

I can confirm he's telling the truth. There are a lot of misunderstanding about settlement. A lot of teams are called settlement when they are just doing simple admin. Those will earn 3-4k as analyst. But in a proper settlement team, 3-4k is for skillless fresh grad. A senior analyst would already earn 6-8k. 12-14k for vp is average too.

Yep. This is a fair picture of the ranges.

Originally Posted by Unregistered

Don't be a joke. I came from settlements. A senior analyst draws about 4.5k. It is a dead end job. You get promoted when you have stayed long enough. Do not glorify the job. You don't need much financial knowledge to do settlements. It is a department with the most aged employees. A fresh grad would probably get 2.4-2.8k in local bank. Bulge bracket 3.2k then rot there and have 4% increment yearly with Max bonus 2 months. I'm glad I left that role after 2 years

Pure nonsense...

Originally Posted by Unregistered

Sounds to me you don't really know what Settlements is about. You were probably in some shared services admin centre that conveniently labels itself as "settlements".

There are a lot of AVP/VP level people in proper settlements desk earning >250k, don't try to act smart when you have superficial knowledge.

There is indeed such a phenomenon in the organization in banks these days.
Not sure about that salary for AVPs though - a little on the high side, don't you think?

Hi, may i know what is the salary range for perm back-end operations in Japanese bank for dip w/o much experience?
Been thinking of applying to join as my friend told me that jap bank would be suitable for part-time studies since they do not ot often.

Anyhow, are there any other better option out there that will actually also be viable for part-time studies? (fi/bank industries)

Thanks in advance for your feedback~

Originally Posted by Unregistered

Hi, may i know what is the salary range for perm back-end operations in Japanese bank for dip w/o much experience?
Been thinking of applying to join as my friend told me that jap bank would be suitable for part-time studies since they do not ot often.

Anyhow, are there any other better option out there that will actually also be viable for part-time studies? (fi/bank industries)

Thanks in advance for your feedback~

.
No experience then you cannot expect much. In a normal shared admin centre, probably 2-3k for full time fresh uni grad. So you can make up how much you get roughly. Unless you have a relative in a crucial backoffice department I e settlements ( average 1.7 trillion USD a day for a mid size bank) you can forget about the big figures upstairs saying.

Originally Posted by Unregistered

.
No experience then you cannot expect much. In a normal shared admin centre, probably 2-3k for full time fresh uni grad. So you can make up how much you get roughly. Unless you have a relative in a crucial backoffice department I e settlements ( average 1.7 trillion USD a day for a mid size bank) you can forget about the big figures upstairs saying.

This sounds about right.

Anyway, some ops activities can be mind-numbing so do be prepared if you want to go this route.

Originally Posted by Unregistered

we also hire some sidekicks. You never know who is normal or decent during interview. Most people only reveal their true greedy and selfish personality after few months. So we hire them and pay them peanuts first. We can hire analyst with 5-6k no problem but there is no need. And we will tell them you have to work hard but pay is low. You need a lot of drive and don't mind poor. But actually it was just a test. If you are positive and not money minded and your boss likes you, you will probably get some adjustment from 3-4 to 5-6k in a year or 2. Seems to me like you failed the test and your boss is trying to get rid of you.

Rubbish, let me tell you how much they are really paying

GS/JPM - 4.3 to 4.5k
Citi/UBS/CS - 4 to 4.5k
DBS - 3.5k to 3.8k
SCB/UOB - 3.3 to 3.5k

This is ops team, tech team pay

GS - 4.9k
JPM/Citi/DBS - 4.5 to 4.7k
UBS/CS/DB - 4 to 4.5k
SCB/UOB - 3.3 to 3.5k

DBS tech team under their graduate scheme pays 3.8k only. May I know what roles you are putting out there? Fresh grad salaries?

Hard to believe for ops. Goldman is 4.2k on a 50k annual package. I know because I had a friend with an offer.