Can someone please explain how promotion in banking works? I received an above expectation rating for my evaluation and my direct manager agrees that I should be promoted. It didn’t happened because there’s a limited amount of promotions that could happen in the year and I was just not considered this year while other people in my team got promoted.

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I have been banking for a while and I have seen it all.
1. You are a high performer and your direct manager needs your results to make them look good in front of their bosses or in some case they need your help as a subject matter expert to help them with anything they need from you.
2. Your manager is telling you they are supporting you but in the background not giving you a reference to move on.
3. Your team members are more senior in the role than you (if this is the case) and are being promoted.
4. I would say continue to apply and in the next few months if you don’t see any promotions then I would lean more towards the fact that your manager is not giving you a reference. If this is the case then start making friends with your manager’s boss and bring up your desire for a promotion.

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Have you asked your manager what you can do this year to ensure you receive the promotion in the next cycle?

Do you have any mentors or sponsors at your company?

I’ve worked at two very large banks and the promotion process has been highly competitive and extremely political for most teams at those banks. I don’t bother shooting for a promotion in role or intra-team anymore, tbh. When I’ve wanted to be promoted I’ve had to apply for an open role with more senior title and responsibilities.

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Maybe they did not have a position to be promoted into?

Unfortunately it depends on many factors like, headcount on certain titles, budgets, race/gender ratio, etc.

One friend was laid off at her bank and then got hired again at the same bank ---different department --- and it doubled her salary. Unfortunately in a lot of businesses, promotions aren't really rewards ; instead most of them are new job positions created to serve a business need. If business in a department doesn't call for it, it often doesn't happen in that department. If you'd like to advance quickly, some recommend job hopping between companies/departments.

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