Banking Employees Reveal Salary Amid ‘Occupy Wall Street’ Rallies
According to FINS.com, a recent survey showed that starting salaries for accounting and finance professionals are projected to increase an average 3.5% in 2012 as companies look for help to streamline their operations. Good news considering that according to Glassdoor’s most recent EmploAyment Confidence Survey, just one-third (36 percent) of employees expect a pay raise in the next 12 months.
Given the ongoing Occupy Wall Street rallies that have taken place around the world from New York City to San Francisco to Rome, we were curious to see what salaries look like for those in the banking industry – especially when top executives at several of nation’s largest banks reach incomes well into the millions.
In Glassdoor’s latest report, we discover what personal bankers, financial analysts, associates and vice presidents earn at institutions like Goldman Sachs and Bank of America earn in terms of average base salary. Vice Presidents at Capital One take the top spot in this report and reportedly earn a base salary of $201,900. At the associate level, Goldman Sachs’ associates have the edge with a base salary of $101,800. For financial analysts, Capital One steps up again as one of the highest paying companies. When we look at salary reports for personal bankers, Wells Fargo champions ahead with a reported $35,500 base salary.
Is this enough? Are employees satisfied with their compensation and benefits at these eight companies? It’s interesting to note that employees at Goldman Sachs (4.0, Satisfied) are most satisfied with their compensation and benefits, whereas employees at U.S. Bank are least satisfied (2.8, OK). The average satisfaction rating across all industries when it comes to compensation and benefits is 3.1.
Wondering what else employees have to say about the salary at these big banks? Below are just a few recent reviews:
“Salary compared to other financial institutions is low.” – Bank of America Employee (Charlotte, NC)
“The pay is awesome I make 11.56 p/hr as a part time teller and you get full time benefits, they pay for your school and don mind working around it.” – Bank of America Teller (Springfield, MO)
“Salary was very competitive compared to competition.” – Capital One Employee (McLean, VA)
“The benefits and pay are unbeatable. I never had a problem getting time off when I needed it. A fun and professional work environment.” – Capital One Teller (Southlake, TX)
“They gave me an opportunity based on faith and have provided me with full benefits and a more than fair salary.” – Citigroup Expense Management Analytics Senior Associate (New York, NY)
“The salary and benefits are competitive with other companies in the same industry. The people are generally helpful and professional.” – Citigroup Senior Programmer Analyst (location n/a)
“It is a great overall experience, a very lucrative experience too I should add. I ended up with bonuses and shares that greatly overprices my salary.” – Goldman Sachs Senior Associate (location n/a)
“Compensation/good brand name outside work place.”- Goldman Sachs FX Derivative Strategist (New York, NY)
“Their compensation practices during promotions; they are unfair when it comes to compensation for internal promotions. Someone coming from outside will get more money than someone getting promoted from within to the same position.” – J.P. Morgan Chase Employee (Tempe, AZ)
“Chase is extremely structured, and there is no salary cap.” – J.P. Morgan Chase Licensed Personal Banker (Hazel Crest, IL)
“Salaries need to be more competitive for the hours and responsibilities given.” – Morgan Stanley Employee (Baltimore, MD)
“Great salary, worthwhile job, and competitive circumstance.” – Morgan Stanley Employee (New York, NY)
“Low base salary compared to other positions, low bonus payout for investment and bank sales.” – U.S. Bank Financial Specialist (Milwaukee, WI)
“Flexible work schedule and aggressive commission scale.”- U.S. Bank Mortgage Loan Officer (Cincinnati, OH)
“Opportunity to make good money on commissions.” – Wells Fargo AMPB I Personal Banker (Salt Lake City, UT)
“There are paid compensations for meeting and exceeding certain goals, and lower management (at my store, anyway) was great about hands-on training and encouragement.” – Wells Fargo Teller (Denver, CO)