I am interviewing for a VP level position at Bank of America. The posting has a few locations listed (including Charlotte), but doesn't include where I live now. Interestingly, the HR never bought up the topic of relocation but when I asked if they do any salary adjustments for cost of living between say Charlotte and New York, they said they don't and instead have just one salary band nationally for each position. Is this really true and if so, is it to encourage employees to move to LCOL locations on their own without company assisted relocation?
All banks inflate their titles. VPs are a dime a dozen in those companies.
Agreed. It's like an Individual Contributor role
I don't think salary adjustments is true. For new grads NY people always made more money on paper. In reality they were paid less though. Bofa is a rto company 100 percent. Do not ask for remote or wfh at all. There are few positions still remote but not something any manager will want to deal with. That being said no one really checks how many times you show up so just show up 3 times a week and badge in and out. Does not even have to be at 8 am and 5 pm lol. Bofa is not big on remote work but each org usually has orgs throughout the country. Geo distributed teams are huge. It's good because it's unlikely you will be only one in one location. People do move to lcol. I believe it's on their own money but it works out.
I said about tech idk others
I see. Thank you that was most helpful. For the positions I am interviewing with, it turns out I will be the only one in my city/location but I imagine that situation isn't unique either as there are folks in Portland/Seattle which are the least likely places to find a bank employee nowadays. One of the mangers I spoke with did mention that the directive they received is be at office at least 3 times a week (matching what you say) but he personally wouldn't have as he works out of an office where he doesn't have any team mates either. So I thought that was kinda weird to be going to an office to swipe the badge even if there are no team members in that location. So I would expect them to at least match my HCOL salary but the way it may work is if I move places I can give myself a raise as they won't reduce my salary unlike some companies if I moved to a LCOL location. Also, the role was not in a tech org, more finance/operations related.
You need to be more specific about the role you interviewing with so anyone can provide u meaningful insight. For VP quant the range is 200-250 for base, the bonus depends on the group. Again for quant back office like model risk can be as low as 15% of your base
Without giving too much away, this is more like a VP of Data & Analytics so I guess it would be a bit lower?
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All companies should have 1 salary band nationwide.. What group is the role with?