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Back and middle office staff shortchanged on salary increases

People in the front office are doing ok. In the past few months, UBS, BofA Merrill Lynch, Citigroup, and quite possibly JPMorgan have all increased their basic salaries by up to 100%. However, as far as we can make out, this policy hasn’t been extended to the middle and back office.

Instead, operations staff in particular seem to have been granted distinctly measly pay rises. According to one recruiter, some operations staff at BofA Merrill Lynch received a raise of 2% recently. However, this hasn’t been confirmed by the bank, which didn’t immediately return a call on the subject.

Most operations recruiters agree that back office staff aren’t getting the kind of big salary increases given to the front office.

“Some banks have got pay freezes in place, and operations jobs are still being lost to offshoring,” says Mike Hartwell at recruiters Hartwell Buck.

“Organisations will increase salaries slightly, but only a case by case basis when it is necessary to do so in order to hire,” says the head of operations at another recruitment firm.

Comments (24)

Comments
  1. why would you give a significant salary increase to someone who is already getting paid above odds for a very dull and repetitive role. The reason the base is so high at entry level for these jobs is to lure half intelligent people

  2. You can always spot back office staff walking around Canary Wharf: Ridiculous shirts, creased suits, stupid haircuts and horrible pointy (unpolished) shoes. LMAO

  3. @ Good Cop- You really are a pathetic specimen

  4. You can always spot the front office people walking around with there pointy hair and snake skin shoes…

    Oh an by the way – do you know what a P&L is?

    backofficemonkey Reply
     
  5. back office and support role people at my firm have had a pay increase around the 25% mark…..where do i work? well i won’t give it away, but let’s just say not for an american bank

  6. ‘You can always spot the front office people walking around with there pointy hair and snake skin shoes… ‘

    No, you dont spot Front Office people as they spend all their time at their desks thinking they are more important than they are. Also its mainly the junior analysts who think they are better than others

    Backofficechimp Reply
     
  7. @ Betty – Thanks for the good word, I’m gonna go and enjoy my meal at La Govroche this evening with the additional “pennies” from my recent salary uptick, hahaha. Have fun at Nandos, I’m guessing that’s where you back offices types eat out :)

  8. @ backofficemonkey

    I don’t need to worry about what P&L is, I’m in M&A advisory and have nothing to do with the markets side of the business. And for your information, any decent revenue generator with client facing responsibilities will buy from Churchs or Crockett & Jones which don’t do snake skin

  9. @ Good Cop- What a moron you are. You have so little in your life you have to come on here and boast about where you are eating and what shoes you wear. Hope it makes you happy as it just comes across as pathetic

  10. @ Analyst

    I’m on Holiday at the moment, I’ve got all the time in the world. Always a laugh to come on here and p*ss people like you off, hahaha. NOW GET BACK TO WORK, LMAO

  11. @ Good Cop

    ‘I’m on Holiday at the moment’

    Dear oh dear, you must have even less in your life than I first suspected. On holiday and trolling through this site making stupid comments. I pity you.

  12. @ Analyst

    It’s called time out, you should try it. Your idea of time out is most likely heading straight down to the bar, necking 10 shots then throwing it back up again 2 hours later. The thing is that people like me infuriate you but I couldn’t give a monkey’s about your type; hence why I keep posting these comments with complete ease, ahahaha

  13. Good Cop – I can spot a front office person from a mile off. Usually middle class, a bit ugly, out of date hair cuts and conservative style…. Dull, dull, dull conformists usually…. who knew that in order to win friends they would need money – as they are devoid of both personality and wit!

    However there are some exceptions to this rule…. However I very much doubt you fit into the ‘exceptions’ catagory….

    Back Office Gourmand Reply
     
  14. @ Back Office Gourmand

    You know what … you’re absolutely right. I’m going to open my window and jump out now before I become any less exceptional! hahaha. Man you guys make me laugh, hahaha. Jeez, you monkeys better start banding together and join the union like the rest of the idiots who went to crappy universities and under accomplished, LMAO. In the meantime, this fine Beaujolais wine is going down fantastically. I’m gonna go for a stroll, stick my black card in the machine, and admire the size of balance, ahahaha

  15. ” I’m gonna go for a stroll, stick my black card in the machine, and admire the size of balance, ahahaha”

    No mention of going to see any mates though…. um I wonder why……

    Back Office Gourmand Reply
     
  16. @ back office gourmand

    There was a person called Arthur Schopenhauer who once said that you one must be able to count their friends on one hand. This means that the people you trust and count as “friends” remains within 5 digits. You can’t please everybody, and certainly cannot rely on others for the most important events in your life. Let me guess, you have 500 friends on facebook and regard them all as your mates! hahaha. Again, people like you keep me going. Keep on working yourself into the ground thinking that you’re getting somewhere, ahahaha. Damn, I miss being forced to hangout with chumps like you from high school (you’re making me nostalgic). Anyway, must run … have dinner booked with friends at La Gavroche with friends, LMAO. GET BACK TO WORK MONKEY

  17. @ Good Cop- You are on holiday and yet have clearly been watching the posts on this article all day as you have replied to them all. You seriously cant have a life, its not even work related so you cant claim that. You truly are pathetic. And boasting about where you eat, Ive never heard anything so ridiculous.

  18. @ Amazed

    It’s a little thing we call multi-tasking. It means you can do several things concomitantly. As mentioned in one of my previous postings, I’m on holiday and taking the time to relax on the couch, and to p*ss off idiots like you, hahaha. And your other peers are right, I won’t get to spend as much time at any other point this year to write so much dribble, so I might as well do it, because it’s fun. Again, I am AMAZED that a couple of sentences can drive people up the wall to this extent … and that brings so much satisfaction to my day, LMFAO

  19. @ Good Cop-If your way of realxing is to sit on the couch posting idiotic comments on here good luck to you. What a waste of time though, do you seriously have nothing better to do?! That proves what a sad life you must lead. Theres no getting away from the fact you sound pathetic/ridiculous boasting about things most people have no interest in.

  20. ‘It’s a little thing we call multi-tasking I’m on holiday and taking the time to relax on the couch, and to p*ss off idiots like you, hahaha’

    And thats your idea of multi tasking. Dear oh dear. I bet that has put a strain on your brain cell. Probably due a nap now arent you.

    Good Copis a moron Reply
     
  21. Nice to see this site full of the same well adjusted and fulfilled types as normal!

  22. I love this website! We need more people like Good Cop to keep things interesting. I don’t understand how people can get so wound up. I work in market risk, and my pay is down there with back and middle office, and I’m not sure what bonuses will be like. I’ve got a friend at GS (2nd yr Analyst) in Equity Research who’s confident outbound a serious uptick in compensation this year. A friend at CS within documentation has had a good upgrade so far this year too. Stay positive guys, I think the light at the end of the tunnel is not an oncoming train this time around. Peace :)

  23. In-ight of the various FO comments here, I’m interested to hear FO contributers views on Ops senior mgmt. I.e. if (as seems) the tone of the views here is the general FO perception of Ops line-staff, are those same views held of Ops seniors?

  24. It’s a bit funny, according to the first page message chain it seems like there is is a group of a 10 year olds arguing whos dad is the stronger one.

    Im a back office worker, the work is a no brain basic job and I do respect guys at the desk. If someone want’s to be paid better at the back office, go study more or do something to proceed with your career and you will get more money.

    Finnish back office Reply
     

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