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yep - you can thank more regulations for that.. but those high paying jobs require experience in risk management/compliance so they are not just picking up anyone that wants it.
Check out the number of jobs they indicate meet that pay level and then compare it to the total number of jobs each bank has. For example, BAC has just over 104 jobs. When you consider the workforce of Bank of America is 200,000 people the open jobs paying 100K/year represents 0.05% of their workforce. So for every ten thousand employees at Bank of America, they have 5 job openings that make $100,000 (You'd have a FAR better chance of getting in to Harvard or Stanford Medical School verse landings one of these jobs).
The article grabs headlines, but statistically does not do a good job of explaining the statistics behind the alleged "hiring boom".
Those are the wrong jobs to report. A better indicator would be the number of available jobs paying $50k or over. Those are the jobs with the most growth potential. People already making $100k tend to stay put longer. Thus, fewer openings.
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I would expect that most of those jobs would go to existing bank people, such as branch managers making about $60k now, or corporate risk management people at lower levels making $80-90k now. Then their jobs will go to other junior bank staff by promotion, the end result being many entry level teller/customer service jobs at $12/hour.
Can't speak for other bank, but when you apply they will do a credit check on you. I worked in Risk Management, I learned that WF does credit checks and I believe Bank of the West. Not sure of the others.
of course they do credit checks; along with the background check and drug screens (drug testing depends) but it's still financial services so you have to be in good shape financially and able to be bonded.
I would expect that most of those jobs would go to existing bank people, such as branch managers making about $60k now, or corporate risk management people at lower levels making $80-90k now. Then their jobs will go to other junior bank staff by promotion, the end result being many entry level teller/customer service jobs at $12/hour.
It's more likely in analytics or data. I worked at one of those banks for a while. They were paying us right around $90-99k plus 10% bonus, if we had experience. The tech guys were often paid more than the managers in the operations, including risk.
It's more likely in analytics or data. I worked at one of those banks for a while. They were paying us right around $90-99k plus 10% bonus, if we had experience. The tech guys were often paid more than the managers in the operations, including risk.
not true for wells.. the majority of their postings are in risk management and compliance and to someone else's point a lot of these are jobs well over 100k and want folks with that specific experience (5-10 years+); and typical bonus would be 30-40% for those roles. Analytics/Tech roles can certainly get into that salary range as well - but the bonus is much lower.
not true for wells.. the majority of their postings are in risk management and compliance and to someone else's point a lot of these are jobs well over 100k and want folks with that specific experience (5-10 years+); and typical bonus would be 30-40% for those roles. Analytics/Tech roles can certainly get into that salary range as well - but the bonus is much lower.
That may be true that they make well over 100k, if they have 5-10 yrs experience. I would be very surprised of tons of guys making over $100k with 5 years of risk experience. I am working with some Risk guys with 5-7 years exp that came from a different bank on the list. Maybe they were getting 30-40% bonuses at the other bank, but I know our company only pays the standard 10% for all analysts, risk or analytics. They would jump ship for Wells Fargo. That's a nice bump.
You are discounting the analytics and tech jobs though. Maybe these numbers are way off. Those senior analytics non-management guys seem to be doing well even at 100k+ base. It's not $150k, but it's over the 100k cutoff of the original story.
I made over $100k with only 5 years exp in analytics in the banking/finance industry. I don't even work for the TBTF banks anymore. I know a few guys building data models hired and make well over $100k and get big bonuses at another TBTF bank. I would be surprised if Wells Fargo is paying comparable positions only $100k.
I wasn't talking about 10 yrs experience guys really. I was just looking around at the lower level guys making that kind money, usually the number of positions over $100k will be bottom heavy at $100k and get thinner as you get over $200k.
Last edited by move4ward; 08-26-2016 at 07:46 PM..
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