Thoughts on NAB?
Bonus compensation relative to other banks? Culture? Benefits?
I am more interested about their bonus compensations. Is it competitive or do they underpay?
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Aussie Aussie Aussie ...
Any other input? Lol
Oi Oi Oi !!! :)
Comp will depend heavily on role and seniority. Working at NAB could mean anything (although I assume you are interested in the “institutional banking and markets” space).
Idk BIG4 banks just have a really weird vibe. I think NAB and Westpac are the most highly regarded...? (Don’t quote me).
The interns and associates in institutional banking are really mixed. Some seem to have a CV good enough for IB (Comm/Law, good internships) while others come in with little to no finance experience.
I think this comes down to the fact that Aussie banks and Big 4 accounting places seem to give HR full autonomy to attract talent.
Just some thoughts...
I already have an offer and I am more interested in learning about their bonus stats as there are few data points to go off of on WSO comp database.
There isn’t much for Aussie banks anywhere (not even glssdoor etc.).
Might need to yarn someone who works there
There isn’t much for Aussie banks anywhere (not even glssdoor etc.).
Might need to yarn someone who works there
Why are you leaving IB for NAB
Worked at NAB in CIB. Was on the advisory team, IB in everything but name. Glassdoor is pretty accurate for general salary levels. More competitive teams (cap markets, advisory, project finance) will pay more to attract and retain talent. Hence they will pay a bit above the general salary bands you see on glassdoor, which will also include people working in corporate and commercial banking. Bonuses were around 10-20% at the analyst/associate/senior associate level, and climb to 30-40% at AD and Director. Obviously if you are killing your kpi's then you can get well above this. At NAB bonuses got slaughtered with the Royal commission. I recall a number of bsd's lateraling after they felt their bonus did not reflect their performance.
The main difference vs the traditional investment banks is the lack of pure m&a advisory and equity research. Ignoring m&a advisory which as I said is not really present at the big4 banks, I would say all the banks pay 'street level' otherwise you would see a constant flow of talent in one direction.
Unless you have a fetish for extremely long hours and 'prestige' the big4 banks are great places to work in my experience.
I thought the bonus % is hard capped? Is it not?
I heard that Associate’s max bonus is 25%?
Also, how are their annual raises like?
You have an STI % in your contract. Your performance will determine a multiplier that is applied to the STI, so if you are high performing you can achieve beyond the 'range'.
does it apply to NAB in the states
What presence does NAB have in the US??
Thanks for this - super helpful. Are you able to shed any light on levfin at NAB in terms of exit ops, culture, hours and pay?
I've been speaking to some folks and I'm hearing a lot of different things e.g. massive amounts of admin esp. with origination, execution and portfolio management sitting with everyone as opposed to being segregated in other banks e.g. I think Mizuho and Westpac locally has portfolio management split out?
Are you looking into NY opp at NAB?
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