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Old 24.11.2017, 11:08
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How much is your title/rank worth?

Most Swiss banks and insurance companies use the (elaborate) american/english ranking system, i.e. Associate, AVP, VP, Director, Managing Director or Assistant Manager, Associate Dir, Dir, Executive Dir, Managing Dir Normally a higer rank also means a higher salary/bonus, but apart from that it means also more fringe benefits like for example more tax free expenses.

A VP/Director at a large Swiss bank usually get's about 8-9000 CHF tax free expenses. No- and lower-ranks usually get "only" a ZVV abo and REKA cheques at a discount price, maybe worth 1-2000 CHF. Credit Suisse has a reserved area in their car park for the "high ranks".

What are the "benefits" of your rank?
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Old 24.11.2017, 11:21
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Re: How much is your title/rank worth?

I get the occasional scrap of food thrown into my cage. If I'm lucky.
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Old 24.11.2017, 12:11
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Re: How much is your title/rank worth?

Your picture is about a decade out of date, Dandy.

Since the financial crisis, the benefit of a title is largely that the target on your back is painted a little larger and more visibly, come the quarterly layoff round.

So yeah, in exchange for an 80 hour work week and 24/7 responsibility and availability... all that glisters is not gold.
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Old 24.11.2017, 12:57
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Re: How much is your title/rank worth?

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I get the occasional scrap of food thrown into my cage. If I'm lucky.
Giving the dog a bone, so to speak.....
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Old 24.11.2017, 13:19
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Re: How much is your title/rank worth?

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What are the "benefits" of your rank?
It inflates my sense of self importance and makes me feel a little better about my shitty job - until the paycheck arrives and i'm shocked out of my nebulous bliss once again.
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Old 24.11.2017, 15:34
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Re: How much is your title/rank worth?

Benefits;
-

Other "Advantages":
-People have no idea what I do.
-You have to explain for 5 minutes until they think they have it figured.
-You're then told to pay the first round.
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Old 24.11.2017, 16:19
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Re: How much is your title/rank worth?

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What are the "benefits" of your rank?
I am a self employed health practitioner so benefits are what I make them
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Old 24.11.2017, 16:28
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Re: How much is your title/rank worth?

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Your picture is about a decade out of date, Dandy.

Since the financial crisis, the benefit of a title is largely that the target on your back is painted a little larger and more visibly, come the quarterly layoff round.

So yeah, in exchange for an 80 hour work week and 24/7 responsibility and availability... all that glisters is not gold.
Actually from what I heard it depends mainly on the specific department within the bank/insurance. Everything that has "operations" or "service" in it's name is under cost- and outsourcing pressure - no fun to work there but people working for departments like "wealth mangement", "investment...", "asset managment", "advisory" are much better off.
The two-class society is much more pronounced nowadays.
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Old 24.11.2017, 16:49
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Re: How much is your title/rank worth?

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Actually from what I heard it depends mainly on the specific department within the bank/insurance. Everything that has "operations" or "service" in it's name is under cost- and outsourcing pressure - no fun to work there but people working for departments like "wealth mangement", "investment...", "asset managment", "advisory" are much better off.
The two-class society is much more pronounced nowadays.
Sorry but that is absolute bollocks. Source - me: I’m currently finalising the financial planning for my wealth management department for next year. We will be doing more with less.

VPs and above here get 2 day’s extra holiday Per annum, but can’t claim overtime. I don’t recall there being any other fringe benefits that are title dependent any more apart from the T&E lump sum you mentioned. Technically the fleet discount on cars is for AVP and above, but most dealers will give it to anyone. If you really want to play Russian roulette with your career as a 50+ VP with long enough service you can take a 3 month paid sabbatical. I’d only consider this if I didn’t need to work on my return.
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Old 24.11.2017, 17:54
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Re: How much is your title/rank worth?

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I am a self employed health practitioner so benefits are what I make them
Surely the benefit is that you're always super healthy?

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Actually from what I heard it depends mainly on the specific department within the bank/insurance. Everything that has "operations" or "service" in it's name is under cost- and outsourcing pressure - no fun to work there but people working for departments like "wealth mangement", "investment...", "asset managment", "advisory" are much better off.
The two-class society is much more pronounced nowadays.
I would say if anything in the modern world corporate standards are becoming pretty uniform (within reason) due to increased financial pressure and a focus on audit culture.
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Old 24.11.2017, 18:05
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Re: How much is your title/rank worth?

A cup of tea...on a good day.
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Old 24.11.2017, 18:39
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Re: How much is your title/rank worth?

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What are the "benefits" of your rank?
1. I think the most obvious benefit is that people will look at the email signature or business card to assess wether you are worth their time - the higher your title, the more likely they say yes. Fun fact: That's why every sales department on the planet only consists of at least "VP of Sales". Because nobody would ever talk to the "junior sales associate"...

2. I cannot talk for banking, but in consulting is the title an indication that you are getting a larger "bonus" component than the lower ranks compared to your fixed income. Unlike most middle management jobs in banks is typically directly linked to your individual P/L goals. The juniors basically get a fixed salary, the experienced guys get potentially more money, but only if they directly and visibly make money...

3. At some of the highest ranks in the banks is the bonus not simply paid out annually anymore, but only a certain percentage a year. Allegedly to make sure people don't work only with short term goals in sight. In my opinion: That's a tool to bind people to the bank. In other words: if you leave the company do you lose bonus payments from the past 4 years... so people will only switch the employer if the new one is willing to cover those costs... which can be a substantial amount and therefore barrier.
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Old 24.11.2017, 18:52
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Re: How much is your title/rank worth?

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3. At some of the highest ranks in the banks is the bonus not simply paid out annually anymore, but only a certain percentage a year. Allegedly to make sure people don't work only with short term goals in sight. In my opinion: That's a tool to bind people to the bank. In other words: if you leave the company do you lose bonus payments from the past 4 years... so people will only switch the employer if the new one is willing to cover those costs... which can be a substantial amount and therefore barrier.
that's not only in banks like that. my company does it to. and it's pharmaceutical.
I've got this year XX ampunt of stocks of company. but I didn't really get it. I will get 1/4 of the worth on Sep 1st each year during next 4 years if I am working on Sep 1st still in company. which means, if I leave company on SEp 2nd 2018, I will get only 1/4 off the whole amount. and this is the way that company wants to keep "talents".
for me that' s great only if I stay, because in Switzerland you don't pay tax on selling of stocks. (hope I've understood that correctly).
I am currently in talk with other company, and this was the amount that we have discuss that they should pay additionally if they reall want me.
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Old 24.11.2017, 19:16
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Re: How much is your title/rank worth?

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that's not only in banks like that. my company ...
I am currently in talk with other company, and this was the amount that we have discuss that they should pay additionally if they reall want me.
This is called golden hello or friendly welcome bonus. Actually it is now forbidden in Switzerland by law ("Minder Initiative") but FINMA does not care...
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Old 24.11.2017, 19:37
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Re: How much is your title/rank worth?

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Actually from what I heard it depends mainly on the specific department within the bank/insurance. Everything that has "operations" or "service" in it's name is under cost- and outsourcing pressure - no fun to work there but people working for departments like "wealth mangement", "investment...", "asset managment", "advisory" are much better off.
The two-class society is much more pronounced nowadays.
Still way out of date... back in those days we used express profits in AM and WI as a percentage of AUM, these days it's expressed in base points.... every player in this space is now under tremendous cost pressure no matter which department you are in.

At this stage there are very few benefits left except perhaps early retirement or being able to cut down on hours worked after 57 and still get full pension contributions. Apart from that there is not much else on offer these days.
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Old 24.11.2017, 20:02
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Re: How much is your title/rank worth?

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This is called golden hello or friendly welcome bonus. Actually it is now forbidden in Switzerland by law ("Minder Initiative") but FINMA does not care...
now I understand why they wanted to know all about the about of it, but not reall talk about it.
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Old 24.11.2017, 20:20
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Re: How much is your title/rank worth?

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This is called golden hello or friendly welcome bonus. Actually it is now forbidden in Switzerland by law ("Minder Initiative") but FINMA does not care...
Sign-on bonuses to compensate a loss experienced by a newly hired are not Prohibited Compensation Payments under the ordinance.

The ordinance applies to Executive Committee and Board of Directors of Swiss listed companies.
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Old 24.11.2017, 21:56
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Re: How much is your title/rank worth?

Over the years, my rank helped me enormously to enter the building in the mornings knowing that I'm an AVP, then VP, then Director (took me a while to realise that this was the same as VP - but the morning soothing effects were the same).

Being a member of the Direction (at a well-known financial institution) was tough in its day when lead IT persons were a rarity, but certainly bought the bucks in for quite a while. The fancy corner office overlooking the Limmat off-Bahnhofstrasse, as well as the many off-site seminars in the mountains were an added plus.

But this has changed several times since the financial crises, and the bonus reduced to about 0.5% of that time. Salary has reduced / remained stagnant (bonus as mentioned)..

No more top-class fancy hotels, regular flights down to my clients in the Tessin or otherwise world-wide since years (always preferred bumming down there at weekends in my own time and old banger anyway).

Benefits, in comparison, not worth mentioning. My daughter as an apprentice during her Uni studies gets better benefits and quality of work-life than I do. So she has no rank, but gets paid pretty well and the benefits are truly great!

She gets great a work environment, expensive sneakers at Christmas, loads of other benefits as well. Respect as a person as well. Would swap any day.
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Old 24.11.2017, 22:56
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Re: How much is your title/rank worth?

bugger all at the moment if you work for a bank. i've seen contractors belittle DIRs and to be honest, they were right.

at the momenr if you are at CS the higher your title, the more of a cost liability you are and they will plan to remove you sooner or later. Gone are the golden days, now the major shrinking starts to pretent they're making money by reducing their cost base.
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Old 25.11.2017, 05:32
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Re: How much is your title/rank worth?

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This is called golden hello or friendly welcome bonus. Actually it is now forbidden in Switzerland by law ("Minder Initiative") but FINMA does not care...
It would appear you are very ill informed about the whole topic.
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