Banking - Back Office

Originally Posted by kitkat

3.8k seems like the salary for their graduate programme. Can confirm again?

Fresh grad entry might be significantly lower as my friend was offered 2.7k for DBS back office position in O&T.

DBS 3.8k is ops graduate program. Yes I heard the same, less than 3k for direct hires.

I have been working for about 5 years in banking. My start was 4-4.5k.

GF works in local bank ops her start was 2-2.5k. My cousin's wife worked in foreign bank Ops. Start 3.2k.

In general:

Program hire (e.g. the Stanchart MA program you talked about): 3,500-4,200k.

DBS, UOB, OCBC, Maybank, CIMB (basically SG + MY banks): Direct entry from school. 2.2-3k.

Stanchart/Citi/HSBC: 2.6-3.2k for direct hire into ops.

Investment banking ops: JPM, CS, UBS, BOFA/ML, DB: 3.4-3.8k

If in foreign bank starting pay 4k. How much can I expect after one promotion?

Since when I say foreign bank starting pay is 4k? I said program hire (i.e MA program). If you are direct entry into commercial, consumer, corp bank ops be prepared for 2-3k range. Annual increment about 150-250 dollars (without promotion)

Originally Posted by Unregistered

Since when I say foreign bank starting pay is 4k? I said program hire (i.e MA program). If you are direct entry into commercial, consumer, corp bank ops be prepared for 2-3k range. Annual increment about 150-250 dollars (without promotion)

Since when I quote you? I'm just asking if starting pay 4k in ops. How much can I expect to get from one promotion as i will be promoted soon and I have a starting pay of 4k

From what level to what level? AM to M?

Low level promo $500-1500

Originally Posted by Unregistered

Since when I quote you? I'm just asking if starting pay 4k in ops. How much can I expect to get from one promotion as i will be promoted soon and I have a starting pay of 4k

Originally Posted by Unregistered

I have been working for about 5 years in banking. My start was 4-4.5k.

GF works in local bank ops her start was 2-2.5k. My cousin's wife worked in foreign bank Ops. Start 3.2k.

In general:

Program hire (e.g. the Stanchart MA program you talked about): 3,500-4,200k.

DBS, UOB, OCBC, Maybank, CIMB (basically SG + MY banks): Direct entry from school. 2.2-3k.

Stanchart/Citi/HSBC: 2.6-3.2k for direct hire into ops.

Investment banking ops: JPM, CS, UBS, BOFA/ML, DB: 3.4-3.8k

Thanks for sharing these valuable numbers. So you must a program hire, and like from Stanchart MA?

Ok thanks for the info!

Maybe I will neg for a 3 from 2.8 to try my luck.

But my associate position is a 1 year rotational position among several ops div at the start.
Will that constitute as a "program"?

Yeah.. MA from one of those banks I have listed. All of us had to spend some time in Operations so we made some friends in Ops and they shared with us their lives.

I would say that Ops are pretty overworked and underpaid. Pity though because they contribute significantly to the bank. Thats why when I was in ops, I realise everyone was *ahem* sensitive topic. . Non-Singaporeans. The Singaporeans there are mainly those from *ahem* another sensitive topic.. SIM / Part-time degrees. Poly. Those who didn't do well in NTU/SMU/NUS. Or those from unrelated courses like arts.

Alot of uncles and aunties also. Those in their late 30s, 40s. No more bargaining power. Bank treats them like ****.

How bad? I saw one uncle receive $500 bonus a few years ago when I was in the department. He was late 50s and his wife had cancer. He actually retired already but the cancer wiped out his entire savings. Went back to work in OPS. No more bargaining power. . probably paid $2k? Needed the bonus badly as he hoped to bring his wife for a short trip to Malaysia.

When he went into the room. He didn't say anything. When he came out he couldn't hold back anymore and cried. Initially I admitted in my mind I was "LOL", because of Bonus cry is abit extreme right? Then when I talked to him and he told me what he needed the money for I felt very bad. I spoke to the department head and the department head told me that actually this year NO BONUS. The $500 came out from his own pocket.

Then I realise... I'm never going to stay in Ops. Work till 40 then what? No progression. No more bargaining power. Got young and cheap grads + FT to replace you anytime. Not happy leave la.. the bank happier!

Sorry abit off topic.. just remembered this incident and got abit emotional writing this.

Originally Posted by Unregistered

Thanks for sharing these valuable numbers. So you must a program hire, and like from Stanchart MA?