How is the annual increase in salaries work for big 5 banks like BMO, CIBC, etc , I see their starting salaries below the market, yet they have no shortage in talents, does the salaries get increased annually and on which percentage currently?

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My friend is in one of the banks, and according to him, its bare minimum. Not even matching the inflation rate, tbh.

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I think most companies currently not matching the real inflation rate , and the official rate is a joke, but used to prevent people from complaining

You be lucky with 3% so yeah it's below market for developers but at least it's stable (no massive layoffs like tech firms) and not 5 days in office like Amazon

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I agree as software developer, banks are really very relaxed environment with very light work load, but at the end of day you want to make living

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I think people join the bank as a tech is for the status (job title). Salary is garbage tbh

Funny I have a colleague who doesn't care about salary and wants to join the bank for the "face" aspect so he can brag about it when he goes back to his home country. He is not wealthy by any means but a lot of window dressing. That is what he values over anything and everything else.

Do the big 5 banks generally pay more than the big 4 consulting firms for similar skillset and years of experience?

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