I am curious if anyone can comment on what % raise increase can be expected going from a Band 5 VP to a Band 4 VP? I know it will vary from different department but ballpark numbers would be insightful.
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I left BAC several years back as B4 employee and SVP. Since then I have doubled my salary working for a smaller bank. All large banks do not pay well. This includes Wells, US bank, chase, BAC. You are just a number. Hit a certain salary threshold you will be first to let go. SVB paid the best but unfortunately they are history.
@8jtw+1p1rQDrX I’m sure. I started a long time ago. But my rental income is almost as much as my salary. So I don’t focus as much on my day job.
@8jtw+1p1rQDrX haha, I started at B5 with more.
No hike if you are part of same group. If you are your manager's pet then you can expect decent hike for next year. Varies if you are changing your org
@6opp+1p1rQDrX Oh and there was no more salary negotiations for me when I moved from B6 to B5. Hiring manager had already negotiated and had approval for the significant increase in salary for me.
@6opp+1p1rQDrX No competing offers. No I didn’t su-k up to the manager or hr. I’ve actually been trouble a few times at the bank. Big trouble where they had investigators, advice and counsel, hr, and my management team on my issue.
The manager that hired me for the band 5 position just knew when he hired someone new to the team, it was easier to get the pay increase to what everyone else on his team was making instead of taking the yearly increase pool money to try to bump me.
The role after the band 5, I was just lucky. I was on a call with some executives and they just liked my attitude on handling the issue and they just asked me if I was interested in joining their org.
Non client facing or producer.
I went from $40/hr to $105k then to $115k
1/2020 to 8/2021 timeframe.
I received a 24% increase going from B6 to B5 changing roles and another 10% changing roles and ORG. All this happened in 18 months. I do less work but more responsibility and accountability.
I’ve heard of good raises from band promotions. Going from 100k to 115k from Band 5 to Band 4 isn’t unheard of.
@6xvf+1p1rQDrX - very, very unsual. Did you have a competing offer? Or really suk up to your boss and HR? Never heard of that increase for any role - even B4 to Bs or B3 to B2 around here.
Or possibly client-facing? serious revenue producer???
When i moved, i got 20k raise.. but i think you can ask for a little more as the range for band4 is very wide
If they can FCK YOU, they will!
Generally gree with the comment by : @pkx+1p1rQDrX
But only to make one point
The advice is really solid. If you have longterm aspirations of being a B3 then you have to go through B4 to stay at the company without leaving & coming back.
If you are in it to make the most cash, then yes stay as a B5 and make that $$
It really depends on what your long term career/financial ambitions are.
Prob $100 on the nightstand. BAC sure knows how to make you feel like a ho---r
Totally depends on where you, in regards to range, prior to the promotion but generally the raise is small, or even nothing, if promoted internally or pretty sizable if hired through an open req.
Take the promo regardless of the increase and start looking externally.
My coworker got just over 15,000 when going from B5 to B4, but no title change, only band promo. I was really happy for her because for our team it was really rare (and a depressingly small merit increase was the norm.)
It might depend on your LOB too.
Use your Band 4 to explore external options update LinkedIn
Mid level companies may offer more exec level perks
Keep all doors open
Make it work for you
Good luck!
You mainly get more delightful training.
A year ago, was offered about a 10% raise, negotiated about 23%. The range was posted because of the locations for the role, and I made a case I was deserving of the range midpoint. HR said no the first time, but the recruiter advocated for me with the support of my 2 up manager. We were bleeding people at the time though so I probably lucked out with timing.
got 0% hike and do more work as band 4 now.
I would say 100% depends on line of business. If you are in sales Client facing position more likely. Operations not so much.
0 for me during the last 2 years while inflation is 3% to 5%.
The one time amount is less relevant than the longer term impact to your overall comp.
If you are a top performing b5 and being rated as such, you will likely see more compensation than you will as a “newly promoted b4”
Your band promotion will be used to justify lower variable compensation for a couple of years, and despite your continued performance you will likely be gaslit into believing that your b4 promotion was significant and you should be happy to have earned it.
Don’t get caught up in bands, focus on maximizing what earnings you can get while you’re there.
~ 0.00000002% to be precise