BOS Revamps Front Office Compensation Framework
OCBC’s private banking unit has introduced a new pay model for relationship managers with the aim of better reflecting performance and providing greater transparency, finews.asia has learned.
Bank of Singapore has introduced a new performance-driven compensation framework for relationship managers based on the direct profit contribution from individual performance. The Singaporean private bank aims to provide relationship managers with greater certainty and transparency over their variable bonus.
This is in contrast with many other industry players that will pay their relationship managers a variable bonus on a discretionary basis.
«Relationships and trust lie at the heart of private banking, and our relationship managers (RM) are central to delivering the expert advisory and value that clients expect,» commented Bank of Singapore CEO Jason Moo on the new change. «This is a meaningful shift that reflects our commitment to attracting and retaining the very best talent to support our growth ambitions.»
