Different rank in local banks

Originally Posted by Unregistered

LOL you are so completely off base.

A MD in a local bank heading all of wholesale banking will be reporting directly to the CEO. We know from newspaper that the 3 local banking CEOs are paid $9-10 million. And you are saying a MD 1 level below is paid only 15% above 350k i.e. $400k?

It is so obvious you don't even have a clue what you are talking about here.

Exactly, you really hit the nail on head.

It's like Piyush Gupta earning 10 mil a year and then his one-down Jeanette Wong, head of institutional/corporate banking, earning just 350K a year.

I would never wanna be head of institutional/corporate banking, if that's the case. Over my dead body haha

Originally Posted by Unregistered

Exactly, you really hit the nail on head.

It's like Piyush Gupta earning 10 mil a year and then his one-down Jeanette Wong, head of institutional/corporate banking, earning just 350K a year.

I would never wanna be head of institutional/corporate banking, if that's the case. Over my dead body haha

The true one down ie deputy ceo probably does earn that much more but at MD level there are a handful of them....

Basing the hierarchy of pay from the CEO down is a rather narrow view. The size of the job, accountability, profitability of the function, business risks etc plays a part too, not forgeting that local banks manages mostly just the Singapore market largely speaking, unlike global banks where hybrid, matrix reporting at local, regional, and grp/global levels across functions and divisions are not uncommon...

Anyway, just my take. Those who believes the fat pay cheques will cont to do so while those who are skeptical will remain skeptical.

Originally Posted by Unregistered

The true one down ie deputy ceo probably does earn that much more but at MD level there are a handful of them....

Basing the hierarchy of pay from the CEO down is a rather narrow view. The size of the job, accountability, profitability of the function, business risks etc plays a part too, not forgeting that local banks manages mostly just the Singapore market largely speaking, unlike global banks where hybrid, matrix reporting at local, regional, and grp/global levels across functions and divisions are not uncommon...

Anyway, just my take. Those who believes the fat pay cheques will cont to do so while those who are skeptical will remain skeptical.

Agree with what you mentioned, definitely largely true. Even within the MDs, there will still be a considerably wide range of compensation. Don't think anyone can reasonably deny that.

But I guess the main qualm is with the statement that said the MD who is head of corporate banking would be earning only 350k. Not sure if it is a typo but it's definitely impossible. Whether it's group head of corporate banking in DBS/OCBC/UOB or SEA Head of corporate banking for the bulge brackets, 350k is too low a number.

Of course, if you are referencing banks like Siam Commercial Bank (no offence), then maybe it's debatable. But I'm not too sure if such banks are even included in the discussions on this forum.

Originally Posted by Unregistered

The true one down ie deputy ceo probably does earn that much more but at MD level there are a handful of them....

Basing the hierarchy of pay from the CEO down is a rather narrow view. The size of the job, accountability, profitability of the function, business risks etc plays a part too, not forgeting that local banks manages mostly just the Singapore market largely speaking, unlike global banks where hybrid, matrix reporting at local, regional, and grp/global levels across functions and divisions are not uncommon...

Anyway, just my take. Those who believes the fat pay cheques will cont to do so while those who are skeptical will remain skeptical.

This is just a bunch of nit picking arguing for arguing sake. Even if we take into account all these so call factors, it still doesn't explain how a MD heading a sizable line of business end up 96.5% lower in pay than the CEO.

Come on, even the head of support departments like IT, Customer Service, HR, Marketing etc. are getting above $1mil, how can a MD of such an important lucrative business be making 350k?

Some of the good performers in consumer/corporate banking RMs are already making more than that, and you expect a MD heading all of wholesale banking to be earning less than a good branch salesman? Give me a break.

Originally Posted by Unregistered

This is just a bunch of nit picking arguing for arguing sake. Even if we take into account all these so call factors, it still doesn't explain how a MD heading a sizable line of business end up 96.5% lower in pay than the CEO.

Come on, even the head of support departments like IT, Customer Service, HR, Marketing etc. are getting above $1mil, how can a MD of such an important lucrative business be making 350k?

Some of the good performers in consumer/corporate banking RMs are already making more than that, and you expect a MD heading all of wholesale banking to be earning less than a good branch salesman? Give me a break.

there is no need to argue. banks are required to disclose the ceo & top 5 ranking employee pay in the annual report. all 6 employee x 3 local banks are multi million dollar packages, 350k is obviously more mid level vp/svp type of package. the poster just shooting off the hip.

Originally Posted by Unregistered

I am curious about stanchart's

They have bands (7,6,5..) and within these bands there are grades (M15,M16...)

How do they transpose to local banks?

100k p.a is which band?

Originally Posted by Unregistered

100k p.a is which band?

This a would be a Band 7/ M19 at StanChart

And VPs at local banks do not get 350K. This amount is for SVP level.

Originally Posted by Unregistered

This a would be a Band 7/ M19 at StanChart

And VPs at local banks do not get 350K. This amount is for SVP level.

Thanks mate. Is this considered AVP?

Originally Posted by Unregistered

Thanks mate. Is this considered AVP?

Don't think so. Most people in this band should be Associate, Analyst or Specialist titles.

So, how much does a VP in a local bank earn?