I received an offer from HSBC for Senior Relationship Manager position, base is $120k(currently I make $110k plus additional 25% bonus component) however, they HSBC is vague on the variable component. Though the hiring manager shared verbally a dollar amount range for expected bonus, however, he mentioned that there is no set formula on how they calculate it. Does anyone have any thoughts on how to negotiate the salary here?

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Thanks for sharing your thoughts. This is for a Commercial Banking role in South Western Ontario region.

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I wouldn't rely on the verbal figure given. Not to sound pessimistic but at the ned of the year it's down to the performance of not just HSBC but the division you work for. Verbal figures aren't worth the paper they're printed on. If your current role is 25% bonus guaranteed, that's part of your total package and HSBC should compete against that guaranteed package.

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Can you share what region and what product?

In general though, it’s common for banks not to set a hard range for variable/year-end comp. I would not expect HSBC to make an exception for you.

Typically, your YE bonus is a function of how well 1) the firm did 2) your division/operating line did 3) your team did 4) how you did.

For your first year, some banks *may* agree to pay you no less than what you’d expect to receive in your current role. (I was able to secure this with Citi but ended up declining the offer).

Def focus on securing the highest possible base to start.

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