I was looking on LinkedIn for BNY jobs and saw several VP roles based in NYC starting at 66k. The range goes past 100k but you know anyone who takes that job is going to be around 66k. Compared to other places, there are plenty of VP roles that require 6 years experience that pay double even at their minimum range. These aren’t client-facing or revenue generating roles either. It astounds me how cheap BNY is. I used to work here prior to 2023 and I started in 2012 at 45k in NYC. Then I became an AVP at 67k and then got to 92k at a K grade in 2022 before I left. I wish I had left sooner but I’m so glad I left when I did!
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Ignore the title and the pay. The bonuses are the real compensation.
Because you aren’t talented enough to work at a better Bank. If you were better you would earn more
Titles mean nothing in Banking.
Only salary and bonuses have meaning.
BS meter went off the scale. Tone it down.
Honestly I’m not sure. It was clear by my manager and manager’s manager that I was the strongest out of a team of like 20 people globally but perhaps I didn’t raise my voice loud enough about pay. My experience with promotions is that it kind of acts as justification to give less during comp season (“oh we gave this big bump but the year was tough so we could only add a little but more in merit”) and as a manager myself, i had limited funds that I could allocate against my 6 reports. We also had a new senior leader every 6 months or so and there was definitely some politics in that, especially when they brought on people from their side. A lot of the client facing people really loved me though. Realizing I was so underpaid stinks, but I’m much happier where I am now and was in shock about getting a 50k raise when I took this new job outside.
@df+1jmmtjjg9 I did all of the same things that you did and I was well rewarded and compensated as the projects I led were all successful.
What didn’t work out for you? Sounds odd that we are so similar with such different results in compensation…
@e4+1jmmtjjg9
And guess what? Clients see right through this. They end up escalating to Sr. Mgmt anyway. It’s also why client services is a joke.
These VP and SVP titles are participation awards where everyone is ‘special’ and a ‘winner’. But in reality, it’s a fancy word for assistant janitor 4th class.
Before my job was eliminated I was seeing people in my role who produced half my revenue get SVP titles. I remained at VP. When I asked management, they said it was their regional presidents wanting those folks to have a higher title for general client perception in those regions. BNY loves fancy titles for people who are just paraded around despite being unproductive.
(I’m the OP). For sure. I thought I did everything right - promotions every 2-3 years via in-seat and new roles, did my MBA at night, took on extra-curriculars, etc but with every boost I was mainly just being upgraded to the minimum range everyday. I sat in Asset Servicing and while I wasn’t in a revenue generating or client facing role, I did work extensively with those that were. I worked my tail off despite the demanding hours (I was supporting both Emea and apac time zones a fair amount). I think Covid got me complacent because working from home was awesome but as soon as that was going away, I learned very quickly how much better life outside BNY is.
About 6 months ago, there was a VP job posting in NYC with a much higher salary band published. BNY had no intentions of ever hiring someone from the outside and having to pay this, so they moved someone internal into the role, kept at their much lower salary. It's all smoke and mirrors with BNY.
The VP is always only a title.
No correlation with salary. Zero.
@OP+1jmmtjjg9 Damn you were being taken advantage of especially for NYC. I’m not a VP. I’m I grade so senior associate and almost make what you made as a K! And I’m not at a growth site. And I feel under paid for my years of service!
As mentioned below, The VP and SVP titles here are given out so you feel important and ignore the obvious subpar pay. VP and SVP here are just financial and senior financial analysts anywhere else. I've even seen analyst 2 and 3 at some companies have better pay and reports. If you know someone who was a VP or SVP here and then went somewhere else, they usually are not that title now. They are always being paid more though. Call everyone a chief so they feel like a chief, but pay them as an indian.
Titles exist for the client, not for in house. That's why you can trip over half a dozen VPs. It makes gullible id--ts think they're talking to someone with power
The title of Vice President (VP) holds different weight across various industries. For example, in the insurance industry, even the role of Assistant Vice President (AVP) is quite significant and comes with hefty pay packages. However, in the banking and financial sector, the VP title is relatively common and holds less prestige.
BNY is unique in its hierarchy—typically, one becomes a Director and then a VP, but at BNY, this order is reversed. At BNY, the role of Director or Senior Director is actually considered the starting point in this industry.
It actually depends on your team. Operations gets paid sh-t for that title with a whole team is under them compared to credit risk folks under larue braithwait who get all kinds of money and bonuses and cant spell their names. Its all about who your mgr blows cause the rest busting our a-s and hand holding other teams get nothing because of it
@a1+1jmmtjjg9 - sounds like someones bitter cause they never made it past maintenance man title
Yeah, titles are very much irrelevant here. I'm a VP with direct reports and half of them are paid more than I am.
I'm a VP with no direct reports and I'm about 8 levels removed from the CEO. The title means nothing.
Your first mistake is thinking the VP title means something here. It’s a joke. SVP is a joke too. They give you these titles to placate you and make you feel important. Meanwhile you are shortchanged and just another RIF waiting to happen. VP may as well mean ‘very peon’ here.