This article emphasizes on the list of the top 10 highest paying banks in the United States.
After getting out of the University, we all dream of a high paying and satisfying job in order to meet our daily needs. You don’t only smile at the bank at the end of the month, your career would give you a warm smile too because you are sure to build an excellent career out of it. Though in all sectors, there are potentials to help individuals grow their career successfully even as a farmer or a teacher. But there are still some modern careers that catch the fancy of any graduate. Some of such sectors include Education, Banking, engineering and technology.
In this article, we would take a careful look at the 10 Highest Paying Banks in the United States of America. Ever wondered or dreamt of your paycheck amount if you were a financial analyst or vice president of a bank?
Here are a few benefits of working in a bank:
- Banking firms are highly regulated and supervised financial operations. This makes them a safe and rewarding place to work.
- As a banker, you work in a service-oriented firm, you attend to the needs of a large number of men and women from different fields and diverse cultures; from career professionals to entrepreneurs by providing financial solutions, hence your social assets are improved.
- The banking sector is a progressive one because banking organizations are very large, hence, there is always the chance to progress through the organization into other roles. Typically, in the banks, jobs are often advertised internally first, so once you’re into an organization you will be the first to know about vacancies and if you think you fit in, you have a high chance of getting it.
- You have a better understanding of investment opportunities since you have direct access to them and you manage the accounts of investors.
- Working as a banker improves your personal skill and credibility. You would be trusted and tagged as a person of integrity since you deal with money and have not been associated with any form of scandal.
- Training in banks are very often. Banks are well known for having well-trained staff so whatever your job role due to the evolving status of the profession. So as a staff, you’ll have access to platforms that would teach the given the skills you need to do the job and many of these skills can be transferred to other industries if you eventually decide to move on.
- The banking system is another sector that technology is continuously revamping and rendering it a relevant field even in the future. If as a banker you can continue to hone your skills, the probability of staying relevant is very high.
- There is a range of opportunities in the banking sector. From working as a marketing officer to a manager or Human Resource personnel or Public Relations officer. We would look at them shortly.
Furthermore, there are numerous careers in the banking sector. Some of them include
- Bank Administration/- handles the bank’s internal operations, sets policies and provides oversight
- Consumer Banking- provides financial services to individual customers
- Commercial Banking- delivers financial services to businesses, government institutions, schools, and other organizations
- Compliance- provides strategic direction, ensures bank abides by industry laws and regulations
- Human Resources- manages employee placement, salaries, benefits and training throughout all levels
- Trust and Investment Banking- manages money or property for others.
- Operations/Accounting- provides recordkeeping, bookkeeping, and financial analysis
- Technology/Information Systems/Security- ensures availability of information, maintains computer systems and software and protects data
- Public Relations/Marketing- promotes the bank’s products and services, coordinates advertising, and improves relationships with the community and media
Let’s look briefly at the banks in the USA. The United States of America operates a dual banking system- State and National Banks. That is, state banks and national banks are chartered and supervised at different levels. The national banks are chartered and regulated under federal law and standards and supervised by a federal agency, while the state banks are chartered and regulated under state laws and standards, which includes supervision by a state supervisor. This is there are differences in how credits are regulated, legal lending limits, and variations of regulations from state to state.
According to Investopedia, National banks offer efficiencies that come from economies of scale and product and service innovations derived from the application of greater resources while State banks are more flexible in responding to the unique needs of customers in their own states. Their product and service advancements are subject to approval in a more timely manner by state regulators who have the interests of their residents in mind.
There are about 5281 local and national banks 5000 in the US including investment banks and microfinance bank organizations. In order to survive in a very competitive atmosphere, apart from providing optimum service to her clients, they have to work towards attracting the best staff by paying high salaries especially its top workers. In order to get a job in the bank, you must at least have a university degree in business, banking, or finance preferably. So what banks pay the most in the USA in no particular order
LIST OF TOP 10 HIGHEST PAYING BANKS IN THE UNITED STATES
1. Gold Sach Bank
- The average base salary for vice presidents: $165,424
- The average base salary for financial analysts: $74,958
The Goldman Sachs Group, Incorporation is an American multinational investment bank and financial services company with its headquarters in New York City. It is one of the largest investment banks in the world and is a primary dealer in the United States Treasury security market. It offers services in investment management, securities, asset management, prime brokerage, and securities underwriting. Its revenue in 2019 was over 92 million dollars with a staff strength of over 38,000. An average worker in Gold Sach was paid US$135,165 in 2017. The company is ranked 62nd on the Fortune 500 list of the largest United States corporations by total revenue. Its services include Asset management, Commercial banking, Commodities, Investment banking, Investment management, Mutual funds and Prime brokerage
2. Bank of America (BofA)
- The average base salary for vice presidents: $110,267
- The average base salary for financial analysts: $72,896
This is the second-highest paying and largest bank in the United States. The Bank of America Corporation is another American multinational investment bank and financial services company headquartered in Charlotte, with central hubs in New York City, London, Hong Kong, Minneapolis, and Toronto. It was founded in San Francisco through Nations Bank’s acquisition of Bank of America in 1998. BofA is the ninth-largest financial services company in the world. Its revenue in 2018 was over US$91.24 billion with a staff strength of over 204,489 in 2019. BofA services include Consumer banking, corporate banking, insurance, investment banking, mortgage loans, private banking, private equity, wealth management and credit cards
3. American Express Amex
- The average base salary for vice presidents: $156,760
- The average base salary for financial analysts: $67,670
The American Express Company is an American multinational financial services corporation headquartered in New York City founded in the year 1830. The company is best known for its charge card, credit card, and traveller’s cheque businesses. In 2017, Forbes named American Express as the 23rd most valuable brand in the world. Its revenue in 2019 was over US$43.556 billion with a staff strength of over 59,000 in 2018.
4. Capital One Financial Corporation
- The average base salary for vice presidents: $151,853
- The average base salary for financial analysts: $70,091
Capital One Financial Corporation is an American bank holding company with services ranging from credit cards, auto loans, banking, and savings accounts, headquartered in McLean, Virginia. It was founded in 1994 by Richard Fairbank and Nigel Morris. Capital One founded the mass marketing of credit cards in the 1990s. Its revenue in 2018 was over US$28.076 billion with a staff strength of over 48,800 in 2019.
5. Morgan Stanley
- The average base salary for vice presidents: $141,439
- The average base salary for financial analysts: $62,183
Morgan Stanley is also situated in New York City. It is an investment bank and financial services company which is currently a merger of the original Morgan Stanley and Dean Witter Discover & Co. in 1997. Dean Witter Discover & Co is an American Stock Brokerage and Securities firm. It was originally founded by Henry Sturgis Morgan, Harold Stanley, Dean G. Witter and Richard S. Reynolds, Jr. in 1935. Its major services include Investment Banking, Sales and trading, Commodities, Prime brokerage, Wealth Management, Investment management. Morgan Stanley’s revenue in 2018 was $40.107 billion with a staff strength of over 60,800 in 2018.
6. Wells Fargo
- The average base salary for vice presidents: $124,540
- The average base salary for financial analysts: $60,586
This multinational Bank founded in 1832 by two business tycoons- Henry Wells and William Fargo is headquartered in San Francisco, California. It is the world’s fourth-largest bank by market capitalization and the fourth largest bank in the US by total assets. It offers a wide range of services including but not limited to Asset management, Credit cards, Equities trading, Futures & options trading, Risk management, Underwriting, Wealth management etc. Wells Fargo’s revenue in 2019 was US$85.063 billion with a staff strength of over 258,700 in 2018.
7. JPMorgan Chase
- The average base salary for vice presidents: $122,073
- The average base salary for financial analysts: $66,770
Headquartered in New York City, JPMorgan Chase is one of the most popular banks and largest banks in the US. In fact, it is the 6th largest bank in the world. It was founded by Aaron Burr (Politician and Lawyer) John Pierpont Morgan (Banker and Financier) in 2000. Its services according to its website are countless from wire transfer to mortgage lending, private equity, pension funds etc. JPMorgan Chase revenue in 2019 was US$15.627 billion with a staff strength of over 256,981 in 2019.
- The average base salary for vice presidents: $120,889
- The average base salary for financial analysts: $63,500
Still, in New York City, Citigroup was formed by the merger of banking giant Citicorp and financial conglomerate Travelers Group in 1998. Citigroup is ranked 3rd on the list of largest banks in the United States alongside JBMorgan Chase and Bank of America. Its services include Credit cards, Retail banking, Commercial banking, Investment banking, Private banking and financial analysis. Citigroup’s revenue in 2018 was US$72.854 billion with a staff strength of over 204,000 in 2018.
9. The Bank of New York Mellon Corporation
- The average base salary for vice presidents: $116,659
- The average base salary for financial analysts: n/a
The Bank of New York Mellon Corporation is one of the oldest banks in the world because it was founded in 1784 by Alexander Hamilton, Aaron Burr and Thomas Mellon. It is a merger of The Bank of New York and Mellon Financial Corporation. BNY Mellon is currently the world’s largest custodian bank and asset servicing company. The company’s product and services include Corporate Banking, Investment Banking, Global wealth management, Financial analysis and Private equity. BNY Mellon’s revenue in 2018 was US$ 16.39 billion with a staff strength of over 51,300 in 2018.
10. State Street Corporation
- The average base salary for vice presidents: $110,618
- The average base salary for financial analysts: n/a
Boston is the headquarters of State Street Corporation. Founded in 1792, it is the second-oldest continually operating United States bank. Its services include investment management, stock trading, foreign exchange market, custodian bank and securities lending. State Street Corporation’s revenue in 2018 was US$11.982 billion with a staff strength of over 40,142 in 2018.