Citi VP offer negotiation (London)
Hi all,
I have a VP offer for a front office s&t desk (£150k base + typical £40-60k bonus) and I wanted to gauge if I could ask for a higher base. If anyone can share the standard VP1 base salary range for Citi London that would be helpful.
I’m anticipating they probably haven’t offered me the top end of the band - do you think I could ask for more? And if so what points would you raise/ leverage to do that?
I don’t want to give too much away but I’m coming from a firm with a lower comp so I think it’s hard for me to ask for more. Surely they can just turn around and say this is more than I’m being paid now so they aren’t willing to increase the offer.
Let me know your thoughts. Will post my results on here and let everyone know what worked (or didn’t)
Thanks
Based on the most helpful WSO content, the base salary for a VP at Citi London typically ranges from £120k to £150k, depending on the specific role and desk. Your offer of £150k base is at the top end of this range, which might make it challenging to negotiate for a higher base salary. However, there are still strategies you can use to potentially improve your overall compensation package:
Key Points to Leverage:
Market Data: Highlight that Citi's VP base salary range aligns with the top end of the market, but you could inquire about flexibility in bonus structure or other benefits (e.g., deferred stock, sign-on bonus, or relocation support if applicable).
Your Value: Emphasize the unique skills, experience, or client relationships you bring to the table. If you have a strong track record of performance or specific expertise that adds value to the desk, use this as leverage.
Compensation Beyond Base: If they are firm on the base salary, consider negotiating for a higher bonus percentage or additional perks. Bonuses in S&T can vary widely, and Citi's typical VP bonus range of £40-60k might have room for adjustment.
Competing Offers: If you have other offers or are in discussions with other firms, tactfully mention this to show you are in demand. Even if your current firm pays less, demonstrating external interest can strengthen your position.
Cost of Living Adjustments: If you are relocating to London or facing higher living costs, you could frame your request as a need for alignment with the city's financial demands.
Approach:
Final Thoughts:
Since your offer is already at the top of the base salary range, the likelihood of increasing it further might be slim. However, focusing on bonus potential or additional perks could yield better results. Let us know how it goes—good luck!
Sources: Day in the Life--Middle Office (Risk), Day in the Life--Middle Office (Risk), Junior PM at a platform - How to negociate salary, London S&T Salary progression, 2021 Corporate Banking?
Citi VP in the US and HK is like $250k max, pretty standard across the street. I'd think London is similar.
Does $250k max refer to base?
Of course lol, doubt many people will stay around if tc is $250 max :)
Yeh, was thinking otherwise looked low number for a VP if total comp....
Out of curiosity does that £40 - 60k bonus figure seem right to ppl ? I get that there's going to be a lot of variability in S&T but that seems super low for a VP ?
Maybe it is a research type role, like being an economist on a rates desk.
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