Spent time in commercial and then corporate banking, and I have to say the culture in corporate is dog shit, doesn't help that everyone seems to be micro managing one another. This feeds into below.
I was restructured earlier this year from an associate role in corporate banking and have since networked hard that resulted in about 5 concurrent interview processes right now. I recently had an interview for a CB VP role that I absolutely crushed and it appears that I'm the top candidate. However, I just received an offer down market where I'd be a relationship manager and effectively be in the driver's seat to bring in business. I'm comfortable with the less sophisticated clients and excited to own relationships, but I can't wrap my head around the fact that I'm passing on an opportunity that pays at least $75k more with the delta increasing each year - I've never experienced this kind of comp. I do recognize that with time I can reach MD in the lower market segment and with that comp will increase.
For background, I don't come from money but I have a young family, and I feel my stint in CB makes me question culture across the industry. Maybe this is coming from a position of self respect or I've simply cracked. Additionally, while as a VP I'd be in a position to contribute to culture and be a positive influence on my A&A's, I simply can't imagine I'll be happy with the lack of autonomy, (potentially) new pieces of work at a different institution, and swimming against the current to keep my team happy.
Thanks for letting me ramble, this is all fresh and I have nowhere to express myself because those closest to me (aside from wife) would suggest following the money.
Based on the most helpful WSO content, your situation highlights a classic dilemma between compensation and personal fulfillment. Here are some key considerations to help you navigate this decision:
Compensation vs. Autonomy: While the VP role in CB offers a significant pay bump, it seems clear that autonomy and owning relationships in the RM role are more aligned with your personal values and career satisfaction. The RM role allows you to be in the "driver's seat," which could lead to long-term career growth and happiness, even if the initial pay is lower.
Long-Term Career Trajectory: As you mentioned, reaching MD in the lower market segment as an RM could eventually lead to competitive compensation. Additionally, being in a revenue-generating role like RM often provides more job security and upward mobility compared to non-revenue-generating roles.
Culture Fit: Your experience in CB has made you question the culture across the industry, and it seems the RM role offers a better cultural fit for you. A toxic or misaligned culture can lead to burnout, regardless of the paycheck.
Family Considerations: With a young family, work-life balance and job satisfaction are critical. The RM role might offer a better balance, especially if it aligns with your personal goals and values.
Future Opportunities: While the VP role might pay more now, the RM role could open doors to leadership positions or specialized segments (e.g., ABL, CRE, healthcare) where you can thrive and grow your compensation over time.
Ultimately, this decision comes down to what you value most: immediate financial gain or long-term career satisfaction and autonomy. If you believe the RM role aligns better with your goals and values, it might be worth taking the leap, especially if you’re confident in your ability to grow and succeed in that space.
Sources: https://www.wallstreetoasis.com/forum/other/commercial-banking-relationship-manager?customgpt=1, WSO 2022 Investment Banking Work-Conditions Survey (Part 1/3), Commercial Banking or Corporate Banking?, Confused about my career..., WSO 2021 Investment Banking Work-Conditions Survey (Part 2/2)
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