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Sunday July 23rd 2017

Are people in the banking sector earning as much as they portray?

I don’t understand why everyone seems to be so in awe with joining a bank, even my undergrad niece insists she only wants to join the banking sector after school.

Looks to me just a lot of smoke and mirrors about instant riches, trying to act socialite, spend to boast in front of others etc, but in the end 1% gets all the money and the rest left with peanuts.

My best friend works in a foreign bank as a SVP now and previously was from another local bank.

In parties and meet-ups he is always trying to play the part of a successful banking high flier, but privately he admits the total pay is only average when compare to other industries because although the monthly pay is higher, they don’t have AWS and annual bonus for back office about 2 months average only.

He knows of peers who are just analyst/managers in other industries making more than him.

A lot of outsiders hear about bankers making big money with all sorts of inflated titles and they always assume that everyone who works in a bank is making few hundred k a year.

Reality is only a few jobs like investment banking, private banking and trading are making all the money. The rest like support function, ops or consumer/commercial banker jobs in the bank are just normal people making normal wages.

People really need to look beyond the surface – not just the lifestyle the finance people are trying to portray.

Editor’s note:This comment appeared on the post Advice for 42-year-old jobless PMET: Be realistic about entering the lucrative bank sector

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5 Responses to “Are people in the banking sector earning as much as they portray?”

  1. sal says:

    You can be a director of a company and earn $1k monthly…. Just register your own company and give yourself the best title you want.

  2. Dico says:

    Very good explanation of the banking sector.

    Yes, the banking sector keeps giving all the beautiful fairy tales of wine and riches. Which dude would not envy the lifestyle of assholes like Anton Casey, except that I would not envy having his wife. Yes, the Ang Mo will find her hot, but she is definitely not my type, because she keeps reminding me of the kathoeys in Bangkok. Think that is why the katheoys in Bangkok got their bulk of their business from the Ang Mos.

    However, many are also not aware that most of the best paid jobs always goes to the Ang Mos. Occasionally one or two such jobs were thrown to the locals. However, the bulk of the banking jobs are the supporting roles and many are back breaking jobs that work all night long!

  3. Kung Weng says:

    All I can say is the front office sales also sama sama. I serve as RM of the SCB preferred banking side for over 5 years, but they keep increasing team targets by 20% every year until it is impossible to even meet the threshold for any bonus to be paid for most of us. Towards the end I and many colleagues was literally paid only basic salary of ~5k ie annual 60k without any bonus at all. Given I have 14 years sales experience, I end up underpaid.

    I am now doing biz dev for a small consultancy specializing in electrical/plumbing engineering projects with a lower basic but more realistic revenue target so in total my take home pay is better than even the banking days.

  4. sovina says:

    Other than a few indians and even fewer locals who make it the to top positions as the ang mos, the rest of the banks is facing the same FT problem – depressed wages with unrealistic working hour expectation.

    In banks VP means nothing, almost anyone who is has a degree with a few years exp is some sort of VP. Good for bluffing ignorant friends & relatives but useless otherwise.

  5. Befair says:

    Investment, Private, Trading? You just leaked out the lucrative depts of the banks. Now everyone is going to apply for jobs in these positions.

    Many low kakias in banks go around telling people they are BANKERS. Actually they are coolies, some making coffees, some drivers for customers, some wiping backsides until the customer signs on the dotted lines and gives the bank some money to ‘play with’ and they get some comms in return for selling their dignity.

    No respect for bankers, no respect for insurance agents, and scarcely any for most property agents.

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