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What size firm (without giving away the name obv)?
Think PNC/U.S. Bank/Capital One/HSBC/SunTrust
Given that information, yeah I think 154k-160k all in is very fair. That being said, compare it to what you're making now and what other offers you currently have (if any) before making a decision.
Double post
what's your current role/salary, how long do you have to accept, and do you have any other options
Currently an Analyst in CB but in a product group. Making around $80K all in ($70K base/$10K bonus) in a fairly low COL area (Atlanta/Charlotte/Houston)
So doubling your current comp? Ya thats a good deal for you.
What do you pay in rent right now?
You don’t have to live in Manhattan if you want to save more.
Cost of living is higher but it’s not double between Atlanta and NYC especially if you ditch your car.
Seems about right. Base may be low by ~$5k-$15k depending on the bank, but not unreasonable for commercial banking.
Is this an associate role, like you're the go between for younger analysts and higher level credit/sales positions. Or is this a straight up RM role where you're hitting the pavement, churning business leads, and closing deals sort of role?
What size businesses do you deal with (Rev/EBITDA standpoint?)
RM. Go between supporting a senior RM until I can build my own client base. Every size from $20MM to $2BN
That's a pretty solid deal. I wanted to get a sense of what your bonus was tied to, I would have said that it was light in a Tier-1 city if you were straight production. But if it's more of a mixed bag as you've alluded to that's pretty solid and a nice way to get your feet wet without the looming stress of production goals.
Just be happy you're not living in Canada... comp here at a BB for entry level out of UG for a commercial banking associate is 55K CAD +8% bonus, 70K + 5-10% bonus for account manager which combines the RM/Analyst role into one category.
$160K USD all in for a CB RM role with 40 - 50 hours per week is incredible.
You never compare with Canada. This place is a joke when it comes to comp, and an even bigger joke when you factor in the housing cost.
Agreed, too bad it's impossible to get a job in the States without Dual Citizen or without having gone to McGill/ Queens Ivey with an A- or higher GPA.
From my understanding Commercial Banking differ from the states to Canada, states is more similar to our Corporate Banking, just look at the deal sizes OP is talking about. But where did you get the salary for RM in Canada? I would have thought RM would be more tied to performance I.e more emphasis on bonus.
My bad, didn't see you were talking about account manager. Any insight into RM salary?
Depends on experience, probably start out at about 90-100K CAD plus 5-10% bonus. Senior RMs probably take home about 150K all in? Once you go up to higher accounts (above 30M) you probably get a pay bump again by I'd assume another 20-30K CAD all in. This is at a Canadian BB and somewhat of an estimate.
This is a good offer. I worked at a (jpm, wf, baml, Citi) type bank in commercial banking. Base was comparable, your bonus is better. Your hours aren't as bad in commercial banking so you may be able to commute in. Believe capital one and pnc are very close to Grand Central.
Thanks. Somewhat unrelated question - Is this a respectable role? It’s obviously Commercial Banking which I have no problem with, but I am concerned about the perceived prestige hit coming from CB at a BAML/Citi/JPM/WFS kind of place to a PNC/Capital One/SunTrust/U.S. Bank shop.
I feel like it’ll limit my ability to switch firms in the future if that’s what I wanted to do. “Why’d you make a move from Tier 1 to Tier 3?” That kind of thing.
It's a respectable role, you shouldn't have a problem moving from a pnc, SunTrust, Capone to Wells, baml, Chase, note I am referring to moving from one commercial banking platform to another not commercial banking to investment banking. How good the Jr relationship manager role turns out to be will depend on 2 things: 1) your own initiative and 2) if the group carves out a path for you i.e. gives you some names to manage over time etc.
Out of curiosity, what kind of base should one expect for a Junior RM/RM 1 kind of role at JPM/BAML/WF? NYC. Portfolio management/sales-ish kind of role.
Over or under $105-110K?
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