Negatrev t1_jc5zm8l wrote
Reply to comment by keptman77 in Silicon Valley Bank posted 'financial crimes' senior manager job listing just before closure by carolinaindian02
...and people are missing the connotations of a bank going under just after their previous incumbent of the role left their position.
leetskeet t1_jc64alx wrote
This role is for a low level employee that would get paid like $60k at best, not some C-level exec running the company. The phrase 'subject matter expert' is a giveaway that it's a role for following a particular policy
Any bank of this size would have an entire department dedicated to checks for onboarding customers/ongoing compliance.
leaflavaplanetmoss t1_jc654nt wrote
While I agree with you in principle, AML/EDD managers make significantly more than $60k; that's starting salary for an AML analyst.
The job posting is still available on LinkedIn, and the description itself has a base pay range (not a LinkedIn estimate) of $130 - $240k: https://www.linkedin.com/jobs/view/3518005299
I work in financial crimes and for a Sr. Manager role, you're looking at high 100k range typically.
Writer10 t1_jc6chry wrote
You are 100% correct. Risk, AML, EDD officers/managers in the Bay Area start around the range you posted. Those of us in the industry know the truth about roles & comp, and it amazes me what people on Reddit think about us. Like we’re complicit in the corruption when WE are the ones uncovering and cleaning it up.
Regardless, props to you for weighing in with facts, and keep up the good fight.
FrumiousShuckyDuck t1_jc69u1x wrote
That’s still barely above IC depending on the org
Johndough99999 t1_jc6c7zw wrote
> more than $60k; that's starting salary
If in California, that would be the minimum salary for any position. Salary cannot be less than 2x minimum wage in CA.
leaflavaplanetmoss t1_jc6ea8d wrote
Just FYI, the position was posted for Boston, not California.
hurtfullobster t1_jc6ocnv wrote
Ok Reddit, time for some banking education. In the majority of banks, role structure works as below;
Directors - In charge of broad functional areas, what you would call ‘executives’ in general public terms.
Manager - In charge of specific departments. In my experience is what you would call directors and VPs in other industries.
VP - Salaried employees and low to mid level managers.
Associate - Hourly employees.
You’ll get variations depending on the bank, most commonly having the high end of one category in the low pay range of the bucket above it (example - high end departments lead may be a director without a C-level designation depend on the number of people under them). Most large banks more or less follow this layout. So as others have pointed out, this not a $60k job. This in a minimum 10+ years of managing in financial crimes to be seriously considered level, $200k + large bonus level job.
atascon t1_jc7itsr wrote
Associates are not usually hourly employees “in the majority of banks.” At least not in the revenue-generating parts of banks.
blahbleh112233 t1_jc6w3ca wrote
I don't want to sound mean but do you know the reasons by SVB went under in the first place? It wasn't fraud or a lack of controls, it just sheer incompetence on behalf of management.
Negatrev t1_jc6yoe8 wrote
That's doesn't change anything. A required role for regulatory reasons would be advertised as soon as the previous incumbent left (or announced they were leaving). So this means that management hid the failures so much that this senior position still had the job listing updated and published while the office was in actuality burning down around them!
blahbleh112233 t1_jc6z9gi wrote
What? Unless I missed something, there was nothing to hide, the entire finance industry knew basically all of SVB's deposits were uninsured and just underestimated systemic risk.
Don't want to take a shot at you but do you have experience in the finance industry? Its posts like this along with the weird political bent that makes me wonder how much of reddit just a weird witch hunt.
Negatrev t1_jc7090z wrote
What politics? It's just amusing that either the person listing the job didn't know, or listed it regardless of everything happening. Either way it's funny!
blahbleh112233 t1_jc717zd wrote
It's a broad statement given how redditors are making pretty wild leaps of judgement based on no facts.
I'm really not sure what the regulatory job has to do with SVB going under, when SVB went under because of a bank run that had nothing to do with the job posting at all. This is like if an apartment complex burns down due to arson, and people point to an open plumber position as the smoking gun
Negatrev t1_jc73kjd wrote
Which would be amusing if the position was posted while the complex was already on fire 🤷
Viewing a single comment thread. View all comments