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leetskeet t1_jc64alx wrote

Reply to comment by Negatrev in Silicon Valley Bank posted 'financial crimes' senior manager job listing just before closure by carolinaindian02

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.

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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.

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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.

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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.

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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.

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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.

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