L2 to L4 promo at same job ladder
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Wow. That is impressive. Makes me feel very inadequate/lazy having not been promoted for years!
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This was also middle of the tech salary boom, even without promo people would get fairly significant increases.
(Now they get to not be laid off)
Talked with my line manager about salary this week. As I moved from retail banking to private banking there is an option for increasing it mid-year. He‘ll get back to me on that in a couple of weeks. He also said that I‘m at the lower boundary with 96k base and that the goal would be to increase that to 125-130k base within the next 3-5 years. Though he also noted that the bonuses I got in the past 2-3 years were already on private banking level (25-42k). So I guess I‘ll be on 130k base and 40-50k bonus in 4-5 years. Maybe even come close to 200k total compensation when I turn 40, we‘ll see.
It‘s very motivating for sure. Having a boss who has a clear plan of progressing my salary on a continious basis.
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What’s your role and corporate title again?
I was a private clients client advisor for 5 years. My expertise covered basic banking products, retirement products (3a and vested benefit accounts), mortgages and investments through funds and mandates. Now I‘m a client advisor for private banking clients, typically in the 7-figure range.
I still offer everything from above, but more sofisticated. We have retirement/tax/estate specialists, investment specialists, mortgage specialists and more. So I‘m more of a relationship manager or wealth manager and can delegate a lot to spend more time with clients directly. Apart from funds and mandates, I now offer advice on individual stocks and bonds, structured products, FX and OTC products and private equity on top.
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I don’t think I’ve ever had a job or boss that set out any salary roadmaps or targets. In fact, most most organisations actively tried to hide salaries (some were paid more than others and it caused a stink when a few people shared salaries and found out and a couple resigned when management refused to bump their salaries to match).
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So this is a good thing?
Yes, though I’d look for something more concrete than ‘in 3-5 years’. Show me the money for 2025, 2026 etc.
Well he can‘t do that as there are many factors that play into it. But as he is planning to keep me there for 10+ years, he will probably deliver on his words.
That’s a funky way of putting it. A manager could want to keep a good employee, but planning to…? There will be opportunities for you, lateral, parallel, external. So many things around salaries and bonuses are discretional and opaque. People negotiate all sorts of stuff that’s not writen in black and white, and can cause a stink if socialised as @PhilMongoose said, and that’s not necessarily always transparent to their direct line managers.
I know of a company who made a huge cloak and dagger theatre around bonus time, told everyone they were special snowflakes who’re getting a little bit more than their colleagues because they are very amazing and the company deeply values them… Turns out that when people started talking they figured out they all got the same bonus lol - but hey, they felt extra special for a while and if nobody talked they’d continue feeling like God’s chosen children 
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That was my concern - I’ve seen before managers dangle a carrot that was 3 years out that never arrived.
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You work for a global Bank. Global banks treat their employees as assets. Meaning that they will constantly evaluate the Net Present Value you have to them (your Benefit vs. Your Total Cost incl, Risk and Overhead), the value you had for other banks, whether they will be able to utilize/saturate you going forward and what competition paid you.
That means:
- you have a negative Market NPV (you cost more than what you would bring to any other competing Bank) => they fire you (even if your NPV with the Bank was positive; you are way to expensive and/or of no use)
- you have a positive Market NPV but a negative within the Bank (they can either not saturate you with work, use you effectively given their non changeable way of working or the cost of risk & overhead was higher than in the market) => they will sell you and get the benefit for themselves (yes, they sell you like an asset; seen it, done it)
- you have a positive NPV but competition pays more => they will increase your salary to the extent the remaining gap was less than what they perceive your switching cost was. Surprise, surprise your switching cost reduces over time (longer in the company, better CV given tenure, more eager to learn/see something else, more frustrated as you realise you were underpaid for a longer period)… so if the gap was big, they increase your salary in several small steps
- you have a positive NPV but competition pays less, they keep you but cease any salary increases
Conclusion: you are currently underpaid and they will adress it, but just over time and by doing so they monetizing on the situation. This is probably ok for you as switching comes with high cost and risk for you. So go along and enjoy BUT always watch the space, if they in a years time stop their steps to increase your comp, their evaluation of yourself and/or the market has changed and its time to carefully re-visit the situation.
The only way to get out of this process is by becomming an insider where it becomes to risky and expensive to either fire you, or to underpay you. Once you are there, you make big money (to both keep you quiet and within the Bank). You can generally identify such peple based om their rank (MDR).
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I’m sure he got the message so we can stop piling on poor @Cortana and wish him all the best, right ? 
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This is the only thing that matter I think he is also a grown man and already thought about what could happen for him and set his mind if something could go wrong. I’m maybe naive, but I’m the kind of person who put trust on his/her manager if he/she truly is interested to keep people on board.
So @Cortana, just do your best as usual and build your own path 
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I should start consulting, since i’m not the best programmer anymore and I’m not enough esperienced as manager. I am very picky (see IB’s posts eheh) so I think that I should be a good Technical PM or whatever it’s called.