I left BoA after a number of years as a band 5 VP because the pay was not competitive with the industry as far as I can tell. Recently however, I see BoA salaries have not only caught up but leads the pack. Median salaries for VP comes in at 200k+. Now I'm having severe buyer's remorse. My former manager was right. People who have left this year are having deep regrets. The bank rewards those who stay loyal.
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Fyi vp is not after officer. AVP is. In some tech teams the max base is 175 for VP. Bonus sucks in all departments - minus traders.
0 regret leaving. I do come back here for giggles when checking out my current company which rarely has a post.
Why don't you come back and see for yourself ? Oh wait...you are a troll.
@1fzg+1i6Dq2eN - you believe Glassdoor? what a naive tw@t. It's never been accurate for any role, any level, any location, any company that I've ever worked in.
Horoscopes are more accurate!
The highest paid B5 on my team is around 125K and that’s an outlier. It’s usually more like 100K
Lol HR trolls getting desperate??
Everyone is leaving this dumpster fire.
B5, 120k, so nooooowhere near the 200k you quoted.
For a lot of people, VP is just an honorific, they don't have any reports and didn't get a raise to go with the title. (VP is next after Officer.) You might get more training, though, to go with the awesome responsibilities.
You did yourself a favor by leaving! Keep looking forward and do not look back, BofA is a terrible company to work for. I left as well and I have not looked back since! It will all work out for you.
Probably not VP in GTO. Bank doesnt pay 200k to VP's unless they are in investment banking or revenue generating role. BofA pays rock bottom compared to anyone else in the industry. The fact that they ended up giving 7% raises to ppl making 100k or less should tell you that there are thousands of ppl who didnt get any raises in past 2 years. Every one I know in bank is looking to jump ship. if you track linked in, you will even find people that got promoted to SVP this year/last year moving on to a new role at another company. Bottom line, bank recruiters have been taking advantage of internal candidates so much , low balling them and preventing them to get market rate salary that only alternative is to seek employment outside.
I don't know Rick, it looks fake.
ZERO regrets, 30% raise on leaving, only reason BAC is a consideration is because some roles allow you to get your job done in 2 or 3 hours a day on average, super easy for the pay
Don't kid yourself. The numbers are likely skewed by VPs in the investment banking units in NYC. The vast majority of VPs that work in other parts of the bank are nowhere near that number. On our team, they capped all VPs at $130k, and that was including a bonus tied directly to sales production. Very few hit that number. The role was heavily leveraged, which meant if you didn't hit your sales quotas, you only earned your base of $50-70k. And they were constantly moving the goalposts to make it near impossible to hit your quota. You really think a VP Retail Branch Manager makes $200k?
https://www.glassdoor.com/Salary/Bank-of-America-Vice-President-Salaries-E8874_D_KO16,30.htm
From Glassdoor:
Salary Details for a Vice President at Bank of America
$222,826/yr Total Pay
$166,853/yr Base Pay
$55,973/yr Additional Pay
This is derived from over 1000 salary reports. Don't believe the haters. BoA VPs make on average 200k. Most of them with a bit of seniority make way more.
Hilarious. I’ve seen many B5 salaries on a list- nowhere near $200k. Keep looking forward buddy and don’t turn back- this place is a $hit show and employees are miserable.
Don't look back. You are sadly misinformed. The figure you cite is grossly overstated. Maybe -- and I mean, maybe... TOTAL comp for a new hire VP (not B5, but more like B4) could be, say in a major metro like NYC, possibly $200k for a front-line banker.
People moving around internally, IF they even get any increase (rare - maybe just a title), might get rounded up a teeny weeny bit just to placate the person and fill the slot.
Don't beat yourself up. If you were still here, you'd still be making the exact same as your were back then -- minus the erosion of inflation and the damage to your soul.
Median salary for VP within the bank are definitely not $200k - not sure what source you are quoting but it is extremely inaccurate if stating that...
No regrets. After awhile, you realize management is completely incompetent. Take the $225MM fine this past month from federal regulators. How brazen do you have to be to withhold state unemployment benefits for 100,000 Americans during a pandemic because you can't figure out your software filter? It's these kinds of ongoing mistakes that makes it embarrassing to work here.
I mean no one I know that didn’t change positions got any kind of large raise comparable to what they hire people at. That may be the median for new hires at that level, but you were not getting that pay bump as an existing associate. I wouldn’t be too sad. I think you might be better off.
Grass isn't always greener on the other side.
Plus, they're all the same, banking, finance, corporations--culture, politics, toxicity...
A grill person working at McDonald's who decides to work at Burger King would be subjected to the same work conditions and pay. Same with banking. If you're a VP of _____ and moved to Citibank or WF, it'll be the same. One way to improve one's status or change one's working condition is to move up or move to a different industry altogether, go to non-profit, education, healthcare, etc. Politics will always exist. It's about where you will be happy, content, and less stressed. Life sucks to most. Make the best of the cards you were dealt with.
Apply, there are a ton of openings, you’d be on the top of the pile. They need you back and regret losing you too.