If you’re looking for a vacancy at an Asia-focused bank in Singapore and you don’t fancy working for a Singaporean firm, HSBC is no doubt toward the top of your job-search list. The bank generated 80% of its profits from Asia in the first quarter of 2019 – and Asian profits were up 5% year on year to US$5,006m.
But beware – HSBC is currently looking to reduce costs so it can hit its 2020 financial targets. In this cost-conscious environment, it’s important to know what your HSBC salary and bonus are likely to be before you apply for a job at the firm in Singapore.
What will your HSBC salary and bonus be in Singapore?
To find out more about how much HSBC pays in salaries and bonuses to its Singapore-based staff, we reviewed the bank’s employee data from Glassdoor to produce the HSBC pay table below. We did this for both front-office investment banking pay (using high-end HSBC salaries), and back-office pay (taking the lowest salaries). And we looked at three broad job ranks at HSBC in Singapore that the website had enough data for (there was no information, for example, about MD-level salaries at HSBC).
If you’re a junior banker wanting to build an investment banking career at HSBC’s Global Banking and Markets division in Singapore, you will be pleased to know that annual base salaries for front-office IBD analysts can go as high as S$155k (although this number is likely to be for third-year analysts rather than those fresh out of university). A S$31k bonus takes your total comp to S$186k. That’s slightly higher than the average IBD pay levels at Citi in Singapore.
Associates at HSBC in Singapore can expect to earn about S$232k a year, made up of a S$192k salary and a S$40k bonus. Meanwhile, your HSBC salary as an associate director will be about S$243k, and you’ll get a S$90k bonus to top it off.
The HSBC salary table below also highlights the big gap between front and back-office pay at the bank. Back-office associates in Singapore are only paid average base salaries of S$60k, while their counterparts in investment banking take home more than three times that amount at the same seniority level.
Meanwhile, if you want to be (very) well rewarded at HSBC, it pays to be a recipient of a guaranteed bonus. HSBC awarded US$20.1m in guaranteed bonuses and sign-on payments to 22 people joining its investment bank last year, according to its 2018 annual report. In 2017 it only paid out $11.4m. The report doesn’t mention who these newly minted people are, but it’s fair to assume that some of them are based in Hong Kong, given that HSBC locates many of its global and regional heads in the city. If you want to earn top dollar at HSBC (while still staying in Asia), a transfer from Singapore to Hong Kong may be your best bet.
Salaries and bonuses at HSBC in Singapore
Image credit: bunhill, Getty
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