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The truth about salaries at Societe Generale in Singapore

If you’re looking for a banking job in Singapore, Societe Generale may not be the first firm that springs to mind. SocGen does not feature in Dealogic’s top-10 banks for Asia (ex-Japan) revenue in M&A, ECM and DCM for the first nine months of 2019. Across geographies, net income in SocGen’s global banking and investor solutions division fell 7.6% year-on-year in the third quarter of 2019, according to its financial results.

SocGen has had some recent setbacks in Singapore, too. Last week, its regional heads of trade and commodities finance for Asia Pacific departed, following losses in the Singapore bunker fuel market. And as we were the first to report in April, SocGen laid off five salespeople working in OTC principal commodities in Singapore, part of a restructuring drive to make 1,600 redundancies globally.

Still, Singapore serves as SocGen’s hub for Southeast Asia (its Thailand office and representative offices in Indonesia, Malaysia and Vietnam are all managed from the city state), while corporate and investment banking (CIB) is still SocGen’s main business in Singapore. SocGen isn’t averse to taking on new Singapore bankers in the final quarter of the year, traditionally a quiet time for hiring. It’s currently looking for a senior coverage banker (a structured finance focus and more than 10 years’ experience are required), for example.

If you want to apply for this job, or another role in CIB at Societe Generale in Singapore, you’ll want to have a rough idea of how much the bank pays its front-office staff in the city. Globally, SocGen isn’t renown as a generous paymaster. As we reported in April, SocGen’s material risk takers (people whose work has a material impact on the bank’s risk profile) earned a lot less in 2018 than equivalent staff at other European banks. However, Singapore-specific compensation figures from Glassdoor indicate that SocGen’s bankers there are not underpaid.

How much will your salary and bonus be at Societe Generale in Singapore?

We looked through Glassdoor’s SocGen numbers across the three seniority levels that the website has sufficient data for: associate, assistant vice president and director. Front-office pay at Societe Generale in Singapore obviously varies from banker to banker, and the self-reported figures in the table below should be treated as approximate guidance because of small sample sizes. Moreover, we only reviewed Glassdoor’s high-range annual salaries at SocGen, because they better reflect the earnings of front-office bankers.

SocGen declined to comment on its front-office CIB pay in Singapore.

Front-office associates at Societe Generale in Singapore can earn about S$120k a year as a base salary, according to the approximate Glassdoor figures, although second or third-year associates may potentially take home more than that.

Singapore-based bankers at assistant vice president (AVP) level at Societe Generale should expect to be paid close to S$150k, the Glassdoor numbers suggest. SocGen directors can potentially earn S$280k, although some would be on higher salaries and their bonuses (typically at least 25% of salary, often more) would obviously lift their total compensation.

Front-office base salaries at Societe Generale in Singapore

Image credit: AdrianHancu, Getty

Have a confidential story, tip, or comment you’d like to share? Email: smortlock@efinancialcareers.com or Telegram: @simonmortlock

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AUTHORSimon Mortlock Content Manager

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