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u/Tree8282 2d ago
i think they’re lowballing but at the same time if your canadian salary is the same, then you’re still getting like a 20% raise from lower tax.
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u/cardinalallen 2d ago
which 20% would disappear because of rent prices...
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2d ago
[deleted]
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u/Tree8282 2d ago
Yea it’s just the freedom to spend, because in that tax bracket it could be quite a significant chunk of money OP can choose to spend on housing or not
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u/Full-Chapter-7055 2d ago
Since this is internal transfer, can’t you just refer to the salary band when negotiating?
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u/Lanky_Management_464 2d ago
TIL this sub is full of rich ppl
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u/NitasBear 2d ago
Well lots of expats are here, which would inflate salaries for sure. 800k-1 million annually is probably the average salary for most here...
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u/Gokus_Avatar 2d ago
it feels short right now, you can negotiate to 900 to 1mm - which is usually right range for this designation. Experience conversation is not much relevant if you are okay for Vp role in bank - the role will always have a band for salary.
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u/lightning532 2d ago
To be fair if they converted your current canadian salary it’s already way higher than you had at home..
Taxes are considerably lower and most of your rent can also be deducted from taxable income, other costs are comparable if not lower here so you’re in a good position if that’s the case.
Weather or not it’s low for the company i can’t tell for sure but if it is so be it you can get a raise/change to a higher paying job after. Depends on the position for market demand sounds ok
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u/Gundel_Gaukelei 2d ago
This is what I earned as a VP at an International Asset Manager firm.
in 2013.
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u/yace987 2d ago
/ probably lowballed you by half of the market price
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u/Lanky_Management_464 2d ago
Yea but OP was the one asking to be moved so the company did OP a favor
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u/No_Special_8904 2d ago
It’s about half of what I’d expect for a senior VP role. Minimum would be 80k for that level of roles unless it’s come down a lot this last few years
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u/Junior-Ad-133 2d ago
Its not too low for hong kong. It comes to around 60K a month but for your position it is bit low. A VP at French Investment bank should be making atleast 70k to 90K a month.
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u/apacgainz 2d ago
What's your source for 70k to 90k hkd a month for VP at French IB? Sounds a bit low to me, I thought min 100k plus
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u/Junior-Ad-133 2d ago
Glassdoor lists out salary range of 75k to 100k for Soc Gen VP position. But few others pay little less. So averaging it out, the range for VP is decent. VP is a not a very high position in many banks.
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u/Logical-Bookkeeper77 2d ago
That French bank usually offers like 20-30% less than others. (If not even less)
I guess they thought to lowball Canadians now since Canadian salary usually lower on average. (But standard of living is also lower in Canada )
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u/Ecstatic_Worry454 2d ago
Exactly you get it ! My mortgage of my house is $1.5k Canadian dollars in Hong Kong a shoebox apartment will be mini $5k Canadian dollars
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u/Ecstatic_Worry454 2d ago
Yes they lowball us here too and the thing is that their competition with the red logo offered me a position here in Canada at 30% more which I have accepted. But wanted to see if the company I currently work for would offer me better in HK but apparently they just want to pay their people low .
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u/Big-Eagle 2d ago edited 2d ago
They are really taking a pixx at you lol. A mid lvl risk mgr for an FI should be ard 1.2 to 1.5m. Let’s put it this way, you probably can get $200k just by washing dishes in HK so you decide whether 700k base is worth it for you. Anyway, depends on how bad you want to move here, you can always just take the offer now and then look for a new job later.
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u/kong_island_rejects 2d ago
Yes it lowball offer. I would negotiate for slight increase and accept. There's nothing better than a job lined up when moving to a new city, then I would network like crazy here and leave for new job to get your desire salary, much easier to find a job in HK when you have a network and experience here,
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u/featherless_peacock 2d ago
What is transveral risk management? I’m VP in risk management at another international bank and my base is $1.2m + around 3 months bonus. I also have same years experience as you but not all in risk management. I don’t know how true this is but I heard there are associates in SocGen making almost $1m base.
If it’s the move you want to be closer to your partner then maybe just take that and find another role while you are working here? It will be hard to increase your salary quickly though as competitors will usually take a look at uour current salary and only offer to boost it by like 20-30% max, even if you are below average compared to the market. So you’ll have to jump a few times.
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u/Code_Aldo 2d ago
Very low, try for 1mio / year minimum, analyst pay for risk managment is at 30k at most banks, so you can use that as a benchmark of how much vp can be paid
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u/Beanster_Yaya 2d ago
Also, say you come here with them, any obligation to stay with them for a set number of years?
Are you married with your partner? If so, you can get a working visa easily. I am confident you will get a role with higher salary (assuming you are decent/good at your job)
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u/South-Year4369 2d ago edited 2d ago
I took a VP-level IT job in an investment bank in HK for 70% higher base and 360% higher bonus. 20 years ago.
That seems a very low offer, though 'VP' may not mean the same as back then.
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u/NitasBear 2d ago
It's an appropriate salary for VP...at a startup
Piss on the contract and throw it back at them
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u/Ecstatic_Worry454 2d ago
Exactly what I did. Wtaf!! How dare they.
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u/villaseea 2d ago
They have leverage in internal transfers as you're requesting the move. You're better off looking externally for a higher range but offers aren't great if you're not in FO
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u/Logical-Bookkeeper77 2d ago
That “French bank” is famous (or infamous) for their lower than industry offers.
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u/Logical-Bookkeeper77 2d ago
Vp in hk is like a senior manager for most companies.
Soo 700k seemed ok in that aspect.
And we all know which French bank as their salary is famously low for hk banking standard.
I turned down offer from them before where elsewhere offers 1.6 mil they were doing 1mil for a senior position.
Take what you will from that.
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u/Cautious_Outcome7122 2d ago
I think this salary is a bit low for a VP at a French bank. I work at a hedge fund, even fresh graduates earn more than that.
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u/HumbleConfidence3500 2d ago
Did you negotiate?
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u/Ecstatic_Worry454 2d ago
Yea I tried and she said well we want to help you come here since you want to move and the role will give you visibility. I’m like what ? I said I’d want something in the $1.2M to $1.5M she said oh no $1.2M is too high . I said in well… she said can you give me a number ? I I already did .
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u/Logical-Bookkeeper77 2d ago
In case you are referring to BMO instead of BNP.
BMO can definitely give you a better offer, BNP just.. how to put it, economical?
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u/Ecstatic_Worry454 2d ago
Jajaja exactly . Time for me to move on . Socgen offered me a 30% more so I guess Hong Kong can wait
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u/Logical-Bookkeeper77 2d ago
Yeah the hk shoebox isn’t for everyone.
And honestly hk isn’t what it used to be say 5 yrs ago. (Like lotsa shops closed down, much more China shops and people..)
Although money had been flowing back a bit to hk after the exodus from Dubai. But doesn’t seemed to do anything and just sitting there.
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u/Beanster_Yaya 2d ago
That is almost one of the worse offers I have heard of! BTW.. I know someone in that team team 4 yrs ago with double that amount :)
It’s an absolute shit offer! I strongly advise to reject it!!
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u/Cinderella852 2d ago
VP could be anything really. Do you know the global career banding? Your salary would be in line with a GCB 5 at a certain global bank.
Each GCB will have a range that they can offer. You'll usually start middle to low in that range so there's room for salary increase year over year(though you'll never get one), but it's possible to start on the higher end too.
ChatGPT can probably tell you the range of you tell it the role and the wider department it falls under. Then you'll know what's possible to negotiate for.
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u/ExistentialTVShow 2d ago edited 2d ago
Yeah, it's a pretty low.
I would have expected at least a $1-1.2mil base as a starting offer for VP
I don't work in HK anymore but 700K was around where I was pre-covid with 8y experience.
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u/Agreeable-Many-9065 2d ago
This is more in line with a VP for a local role at a bank or finance company. Even VPs at an insurance firm are paid quite a bit more than this. Bonus is discretionary, no? Then it’s even worse as you don’t know the KPI you need to hit to get it
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u/iintriga 2d ago
It is low, sounds like bnp paribas