Bankers’ compensation should go up by almost five percent in 2011 for a number of important reasons. Before I here continue, it should be remarked that not all bank salaries are going north. There is a segment of bank generically known as “retail banking” (which is best described as how are you affected when you head into the neighborhood branch of your bank or investment company) that will in actuality decline a bit.
The reason for that decline is twofold; an ongoing pattern of earning a lot of those jobs in your free time (and, hence hourly pay without benefits) and development of on-line and electronic bank. What I research here are wages relating more to the kind of bank that is expanded to businesses and the professional bankers who deal with the financial, lending, credit and investment functions for your part of our economy.
The salaries of these professionals are going up! According to FDIC Chairman Sheila Bair recently “nearly all banks are faring well and about 63% of organizations reported improvements in their net gain”. In short, there’s a positive expectancy that goes something similar to “the bank does better so I should be too”.
Second, few economists seem to be taking note of the actual fact that Americans are retiring at an increasing rate; the boomers are shedding away. The Social Security Administration reports that by 2015, this 65 group of Americans will be our fastest growing segment. Ask the average Chief Credit Officer if his job is simpler today than it was five years back and he will laugh you out of his office.
Let’s have a look at what many feel is minimal specialized job in commercial bank, the carrying on business development financing officer. This is actually the person who is out and earns new business loans to the bank. Never to insult anyone here; this is a tremendously important job in that business loans will be the economic heart (or at least liver organ!) for those banks but the skills needed have continued to be unchanged within the last century probably. I don’t really think so.
Everyone is aware of the great home loan bank genocide that has taken place during the last few years. Underwriters, funders, shippers, securitization analysts, originators and so on have been swept from the true face of the earth. Ok, why five percent? 3.7 percent but, remember, no-one audits their numbers after the reality ever.
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There will be a lot of negotiating savvy in quoting a low percent increase and then offering you something over and above the common. The ultra simple logic of five percent goes something like this; two percent within the ice age group of 2008- 2010 and three percent for 2011. Is it enough? I am not sure but one thing you can depend on is that salaries are going up!
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