Bonuses drop for Singapore banking professionals

Those holding a vice president role saw their bonuses decline by 39% in 2023.

Singapore bankers saw a decrease in bonuses in 2023, according to eFinancialCareers’s 2024 financial services compensation survey.

The report revealed that the average bonus for a vice president dropped from $96.8k (US$71.7k) in 2022 to $58.8k (US$43.5k) in 2023, representing a sharp decline by 39% year-on-year (YoY).

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Directors in the banking industry saw a 36% YoY drop in bonuses, receiving an average bonus of $181.6k (US$134.6k) last year.

Meanwhile, junior bankers, specifically analysts and associates, received an average bonus of $62k (US$45.97k), down 2%.

Managing directors saw the smallest bonus decline at 0.8%, with an average bonus of $418.4k (US$310k) in 2023.
(US$1 = $1.35)