Banking - Back Office

Originally Posted by Unregistered

Yes, but it is also an known fact that banks these days separate CDD from general AML functions such as monitoring, filtering, etc.

I don't know how in depth the CDD you're doing is but i guess it should be mostly remediation work since it's just a 3 months contract.

Whether it can be used as an experience? Why not... But largely, it all comes down to individual hiring manager's appetite. You'll stand a higher chance for applying to CDD related work as a start.

Not remediation. Clearing backlogs.

Originally Posted by Unregistered

Not remediation. Clearing backlogs.

Doesn't matter. CDD is just CDD. The level you're doing can be easily outsourced to Chennai or Manila. Moreover, its just a 3 months contract like you pointed out before.

What is the pay range for AVP doing settlements, in local and foreign co?

Originally Posted by Unregistered

What is the pay range for AVP doing settlements, in local and foreign co?

12-14k for local bank, 18-20k for bulge brackets.

Originally Posted by Unregistered

12-14k for local bank, 18-20k for bulge brackets.

Smoking pot lately? lol

Originally Posted by Unregistered

Smoking pot lately? lol

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.

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.

Will trade processing come under settlement?

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.

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

A real settlement team guards Nostro accounts with trillion dollars worth of transactions a day. Is it a dead end job? Hardly, when settlement is so important. And obviously they are paid more.

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

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.