AWS/PB/benefits in banking sector

[winterblue]

Hi all,

I just survived two interviews in a foreign bank for a middle office role. I supposed to meet HR for the final interview. However, I have no experience in banking sector. I have read one previous thread, is it true that banks in Singapore does not offer AWS? How about bonus? How many months of bonus they give and how frequent? And also no of vacation leave?

Btw I am in govt sector previously and have 2 years working exp. Anyone in the banking sector can share ?

Depend on bank, about 7-8 mths

[in3deep]

credit suisse - 1-1.2 mth for top performers, 0.5-1 for average, 2+% increment

Originally Posted by Unregistered

Depend on bank, about 7-8 mths

7-8 months bonus? which bank?

Depends on what you mean by mid-office. Some jobs supporting front can be 9-12mths while others more corporate like risk/compliance or BO coordination about 1-1.5mths.

[winterblue]

thanks for prompt reply. How about AWS? Is there AWS in most banks? Also the increment rate?

Originally Posted by winterblue

Hi all,

I just survived two interviews in a foreign bank for a middle office role. I supposed to meet HR for the final interview. However, I have no experience in banking sector. I have read one previous thread, is it true that banks in Singapore does not offer AWS? How about bonus? How many months of bonus they give and how frequent? And also no of vacation leave?

Btw I am in govt sector previously and have 2 years working exp. Anyone in the banking sector can share ?

AWS - usually no for degree holders. Allegedly incorporated into your 12 mths salary

Bonus - depends on your role and bank. Middle/back office is 0-2 mths for european/US banks and 2-4 mths for asian banks. Usually once a year (feb to apr period)

Leaves - between 21 - 25 days.

Yearly increment - between 3% to 8%. Promotion >10%

The prob with banking is even though the monthly salary looks high, they pay no aws and very low bonus. About 13+ months in total. If you compare to public sector when they can pay up to 18 months a year, the total package in a bank non-sales is even lower than civil servant.

E.g. VP in banking with monthly 8k total package only ~110k Civil service manager with 6k monthly total package also around there.

[winterblue]

Originally Posted by Unregistered

AWS - usually no for degree holders. Allegedly incorporated into your 12 mths salary

Bonus - depends on your role and bank. Middle/back office is 0-2 mths for european/US banks and 2-4 mths for asian banks. Usually once a year (feb to apr period)

Leaves - between 21 - 25 days.

Yearly increment - between 3% to 8%. Promotion >10%

Thank for the useful info. I got the verbal offer and agreed after negotiating the package with the bank. Ya, there no AWS and the leave given was 21 days (the min).

How long the contract usually be ready for me to sign after I agree to the verbal offer? One more qn: Will the foreign banks provide any opportunity to attend courses to improve/upgrade my skills?

Originally Posted by winterblue

Thank for the useful info. I got the verbal offer and agreed after negotiating the package with the bank. Ya, there no AWS and the leave given was 21 days (the min).

How long the contract usually be ready for me to sign after I agree to the verbal offer? One more qn: Will the foreign banks provide any opportunity to attend courses to improve/upgrade my skills?

Depend on ur grade and type of job. For SVP & below grade for support role, usually no budget for external training. They will just ask you to attend internal training (which is normally some lesson on process update, rules & regulations etc). Sometimes if ur lucky, they will send u on internal leadership workshop (quite wayang relax type, so dun expect to really upgrade and learn from that)

Also remember that out of 21 days about 7 days is compuslory leave, i.e. they force u to go on selected dates and most banks expect u to be on standby during this kind of leave.

As for bonus unless you are supporting RGUs, it should be about 0.5-1.5 months depend on performance.

For someone from civil service, all I can say is dun expect banks to develop you over the long term or give stable almost guaranteed bonus like gov. It is a brutal environment where all the money goes to the people who actually bring in the dough. Some banks haven't paid out bonus for support staff since 2008.