Band 5 AVP here. It sounds like I’m probably going to make VP early next year. Can I expect a pay bump and if so, how much roughly? Ive asked around and have heard everything from big bump to pittance to no increase at all. Context: back office stuff, GWIM. Thanks for any info you all can provide.
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You need to work at JPM,MS or GS. They are all and have been bumping salaries upwards over 25-30% to retain talent and offset inflation. Many saw their 2022 salaries in the benefits planner when they chose next year’s insurance benefits. It shows your “annual compensation” and your 2022 salary. I know of someone who got 35% increase. These companies had record profits and they are increasing salaries across the company.
Bonuses are are expected to be the best since 2009 at these companies.
Maybe if you had better grammar skills you’d get more money once in a while.
Gooooood night, your post was difficult to read, so many errors. And you wonder why you’re not making more bank….
I was told title promotions are not promotions they are title changes. Then I got a band promotion from a six to five. I got a big fat zero for the band promotion while I watch my co-worker who is a man get over 9k for his six to a five promotion. They referred to it as a job code change to justify no money rather than calling it a promotion. If they want you to have money you will get it with a band promotion. If they don't you won't get one but after being with the bank for 22 years I have never received an increase for a title change. If you are a man you are more likely to get promoted and get more money than if you are a women.
I left the bank a few years ago but from what I remember, salary increases were only given with band promotions (not title promotions).
When I was a manager, we were advised by HR to "not shoot your whole wad" by giving pay increase same time as title increase. (Told to space them out by at least a year or longer.) Pay increases have been increasingly hard to secure (despite all of us being told to "do more with less people").
HR suggested we give title bumps when we couldn't pay to placate the individual. If they want more, they can leave.
I went from VP to SVP with no raise. Went elsewhere as VP and got a hefty increase. Go figure
Banking corporate titles mean nothing outside of banking. 10's of thousands of "VP's" are just inflated titles.
I got zero pay bump from AVP to VP.
Titles are 100% worthless, if you suck up enough you’ll get one
I went from VP to Director last year and base up 5% and bonus down 25%. Net loss of 2% or so...good luck
I got no more money
I started at BofA 12 years ago in a B6 role and then received about a 33% pay increase when I landed a B5 position. Since being in the B5 role, I received a title promotion but it resulted in an immaterial pay increase. The corporate titles are largely just aesthetic, it’s a nice addition to a resume but won’t result in much salary bump.
Associate to officer to AVP to VP, how much did you increase in pay each title promotion? Not a thing. It's simply a title, they hand them out like covid shot boosters.
The main thing you get is more delightful training.
Managers have to submit and justify for the title promotion. Corporate title promotions do not garner any change to compensation by themselves; however, they may coincide with merit increases or bonuses.
Titles mean nothing.
i got VP in GT&O several years ago and there was no significant increase in pay or bonus. it's just a title.
If they don’t bump you pay at least 20% after your VP promotion, then you take that new title of “VP” and you look for another job at VP level asap.
Lol, good luck with all that extra work and no pay increase. Don’t forget to get your 3rd booster shot.
No, titles do not do anything to pay. They are handy because they garner some respect -- people respond to you more timely. But other than that, no impact.