if you are so tight in cash flow then you'd better negotiate for a sign on to cover the lost bonus as well.
if you are so tight in cash flow then you'd better negotiate for a sign on to cover the lost bonus as well.
From experience, get the higher salary, bonus is by its very nature, not guaranteed. Especially since cash flow is more important to you.
A bird in the hand is worth 2 in a bush and all that.
If reading your response correctly, the bank HR function is telling you one thing ie bonus at circa 10% whilst recruiters are telling you a bonus of circa 30%. You realise that recruiters cannot be trusted so you will need to have the recruiters make the bank aware of what your bonus expectations are, presumably you obtained this role through an agency and not directly with the bank.
I think your numbers are more realistic lol.Original Post Deleted
Ok guys, thanks for all the input. Seems to be a disparity between the potential bonus figures, so it’s unfortunate that there is no one currently working as a VP in operations, who could give a more conclusive respond.
By the way, times really have changed.
Interesting discussion, thanks again all!
one other problem is the inflation of title.. these days the VP level seems to be pushed lower and some banks are pretty much mass stamping VPs... Not sure so much about JPM and MS though... had impression that JPM is always more stingy with titles but apparently not necessarily so because they have to compensate for their lacking of competitiveness in pay (versus some of the other banks) with better titles..
i think 40-60k is on the low side.. but 120-130 seems extremely high as well... in the front you probably can get 120-130...
I can state with certainty what a UK bank is paying its VP here in HK, ie a well known UK bank that whilst headquartered in the UK earns its money here in HK. The salaries for its middle office VP are circa 120-130k per month. As the poster is a new hire he/she could very well expect to receive that based on the market. A salary of 40-60k at this bank is one band perhaps two bands lower. If the OP is talking about US banks they pay more but of course the benefits are different, and also bonuses are higher. So a base of 1.5m plus bonus is not at all unrealistic.
Be very careful. Some of the disparity may we’ll be explained by whether the person is on a local or expat package. Expat, to a large extent, is dying out but not necessarily if you are on a 2-3 year only stint.
Of course if you are American and want the ‘protection of the US’ you also have additional taxes to pay
I would have said apart from senior management roles the range would be 60-130,000 dependent on the usual factors.
Bonus is bonus but if there are any non front line actually receiving more than 35-40 per cent then they are doing very well. I would factor in 10-25 depending on performance and regard anything in excess of that as a bonus bonus!