Financial Industry - Offer and Negotiation

[knight044]

A well-known investment bank (the likes of UBS, Credit Suisse, Deutsche Bank) is negotiating offers with me. I am being offered a post as a financial data analyst, a back-office post which entails maintaing client static data and standard settlement instructions. I got 3 yrs of relevant experience in that field (1.5 years as a jr analyst then got promoted to senior analyst), and 2 years on irrelevant fields.

However, when I mentioned that my asking salary is $4000, they seemed to be taken aback and asked if it's negotiable. I said $3500 when they asked the minimum offer that I'd accept.

I also mentioned that another company dropped in that figure, $4000 so that became my benchmark for asking that salary. But then, I like their company more compared to the other.

Do you think they are trying to rip me off? What's the industry rate in the financial sector? I'm actually a bit disappointed since they are globally known, financial leaders, but it seems like they are trying to really save up on the salary of their employees.

They also said that the company won't be offering any relocation assistance or whatsoever.

I'm actually waiting on their call. I don't know up to what extent will I be able to negotiate.

Btw, I'm single, 27 yo if that helps.

[JayCee]

Damn, times are tough if a bank of the status of Deutsche or CS won't even offer relocation assistance!

You are being hired at the Analyst pay level I assume? $3500 a month seems pretty low to me for a company like that, and to rub salt into the wounds they're not even offering relocation. Unless you're desperate, I'd pass. Are you in Singapore right now on a short visit or something, hence why they're not offering relocation?

[knight044]

Yes, analyst level. I'm actually still in my home country and just passed my CV online. They actually called already and offer is around $5500 including allowances. But then I'll be working on the night shift. I'm actually considering it just so I'll have an experience with a well-known bank in case I decide to transfer.

Can someone please enlighten me if this is a decent offer?

[revhappy]

Are you getting onto their direct payrolls? Barclays Capital offers 5000 Pounds as relocation expenses for IT guys coming from India and 1 month accomodation in a Service Apartment.

Regarding salaries, I am not sure how the market is for non-IT banking jobs. But then for IT banking jobs I am yet to hear about anybody being hired with such low experience. 5+ years min is the norm and if you are on their payrolls 6k+ is the norm.

[JayCee]

Barclays Capital offers 5000 Pounds as relocation expenses for IT guys

Do you mean dollars? I know that company well and until recently they were offering 2000 pounds which I guess could be converted to 5000 dollars if they give a good exchange rate.

OP - $5500 is in the right ballpark and as RevHappy said it's quite unusual to be hired with 3 years experience so I think you've done well, I'd take it if you've got nothing else on offer and the nightshift doesn't bother you

[knight044]

Are you getting onto their direct payrolls? Barclays Capital offers 5000 Pounds as relocation expenses for IT guys coming from India and 1 month accomodation in a Service Apartment.

Regarding salaries, I am not sure how the market is for non-IT banking jobs. But then for IT banking jobs I am yet to hear about anybody being hired with such low experience. 5+ years min is the norm and if you are on their payrolls 6k+ is the norm.

Yes, I'll be directly under their payroll. That's basically what's pushing me to pursue it, it will be a direct hire if ever.

I actually probably made a mistake? I told them initially (first interview) when they asked me, that I have a relative who lives there and every year I go there for a visit. So that must be the reason why they didn't provide relocation assistance. I wanted to take it back during the negotations but I was afraid they'd pull off the knot once I tell them I need assistance. I could sense they were trying to check on how much they can save from hiring me based on my reactions.

probably a little out of topic but how much does it usually cost if you'll ride a taxi at night? probably around 1am-2am.

thanks everyone.

[revhappy]

Barclays Capital offers 5000 Pounds as relocation expenses for IT guys

Do you mean dollars? I know that company well and until recently they were offering 2000 pounds which I guess could be converted to 5000 dollars if they give a good exchange rate.

I thought my ex-colleague who joined BarCap last year told me 5k Pounds. Or may be he got the currencies mixed up. But I remember him telling me clearly 5000 pounds and then I repeated "5000 pounds or dollars" and he replied "pounds". i remember how excited he was. BTW, he also worked night shift and was given like 800$ a month as night shift allowance and also return taxi fare reimbursed.

To the OP, the taxi fare is depends on the distance and night charges are 50% extra. So could be anywhere between 5$ to 35$ depending on how far you stay.

[BillyB]

A well-known investment bank (the likes of UBS, Credit Suisse, Deutsche Bank) is negotiating offers with me. I am being offered a post as a financial data analyst, a back-office post which entails maintaing client static data and standard settlement instructions. I got 3 yrs of relevant experience in that field (1.5 years as a jr analyst then got promoted to senior analyst), and 2 years on irrelevant fields.

However, when I mentioned that my asking salary is $4000, they seemed to be taken aback and asked if it's negotiable. I said $3500 when they asked the minimum offer that I'd accept.

I also mentioned that another company dropped in that figure, $4000 so that became my benchmark for asking that salary. But then, I like their company more compared to the other.

Do you think they are trying to rip me off? What's the industry rate in the financial sector? I'm actually a bit disappointed since they are globally known, financial leaders, but it seems like they are trying to really save up on the salary of their employees.

They also said that the company won't be offering any relocation assistance or whatsoever.

I'm actually waiting on their call. I don't know up to what extent will I be able to negotiate.

Btw, I'm single, 27 yo if that helps.

Use them for the experience. After 2 years leave and move elsewhere. You'll be able to walk into interviews at most places based on top tier experience. Pay is par for the course for middle or back office analyst in Asia who are paid much lower than a typical analyst in the U.K.

By doing the graveyard shift for U.K and some U.S settlements you'll get good experience and it will show that you are prepared to graft.

Think of the bigger picture, if you can afford to come over here and survive for a few years and move up the ladder and get Asian experience under your belt, who gives a sh*t about relocation expenses and missing out on a few hundred dollars extra.

The market, despite all the rumours isn't picking up as much as everyone thinks at the moment. i'd jump at the opportunity at your age to pick up a few more strings to your bow.

[revhappy]

..

[JayCee]

Barclays Capital offers 5000 Pounds as relocation expenses for IT guys

Do you mean dollars? I know that company well and until recently they were offering 2000 pounds which I guess could be converted to 5000 dollars if they give a good exchange rate.

I thought my ex-colleague who joined BarCap last year told me 5k Pounds. Or may be he got the currencies mixed up. But I remember him telling me clearly 5000 pounds and then I repeated "5000 pounds or dollars" and he replied "pounds". i remember how excited he was. BTW, he also worked night shift and was given like 800$ a month as night shift allowance and also return taxi fare reimbursed.

To the OP, the taxi fare is depends on the distance and night charges are 50% extra. So could be anywhere between 5$ to 35$ depending on how far you stay.

Well good luck to him if he managed to get 5 grand, lucky boy Yes the night shift guys get extra allowance and taxis paid for to get home which I guess makes it bearable for them (I wouldn't want to do it though).

Btw OP - when you say nightshift do you mean something like 4pm-1am Singapore time? Or midnight to 9am? I know a few of the banks have been setting up centres in Eastern Europe to cover NY shifts as they've not been able to get the people in Singapore to cover an overnight shift.

[knight044]

It's actually Euro shift so I'm guessing it's probably from 4pm-1am or something like that. Package is $5500 inclusive of the taxi allowance etc.

[JayCee]

Do you know if you will be on that shift every week or will it rotate? Most places I know of have it rotating so you're on singapore hours 50% and UK/european hours the other 50%

Either way though, it's a reasonable package salary-wise for your experience, I'd have one final go to try and get some relocation assistance though, even if it's just the cost of the flight

[knight044]

I'll always be on that shift I think since the job posting clearly stated Euro shift. Anyway, I've decided to accept it. As what BillyB mentioned, I think I'll definitely need it to gain top tier experience. I'm waiting for the contract and everything, hope everything goes well.

Thanks guys.