Bank Manager Salary
Job Description for Bank Manager
The bank manager handles the day-to-day operations of a bank branch, which is usually owned and operated by a larger financial entity. They administer the bank’s policies, ensure adherence to company and legal regulations, and are responsible for supervising the other bank employees. They implement bank operations and budgets, and they are expected to run their operation in a profitable manner. The bank manager is expected to grow their branch by expanding its base of customers and ensure that the bank is marketed properly. Depending on the bank and the entity that owns it, continuing training on regulations and new requirements may be part of the bank manager’s job, and the manager should also expect to do a great deal of training to his or her own staff as well. Finally, the bank manager serves as the final authority on hiring decisions made by the bank, and should have a good working knowledge of human resource management.Read More...
Normally, a bank manager must have at least a bachelor’s degree in business, finance, or accounting. They must be familiar with the services and products offered by the bank, including all savings and lending operations. Additionally, the bank manager must possess excellent customer service skills; they are expected to set a customer service example for the employees they supervise. Additionally, they must have experience working in a bank.
Bank Manager Tasks
- Manage the daily activities of a bank branch or regional branches, including marketing, sales, HR, and bank profitability.
- Establish and maintain strong relationships with customers, the community, and business partners.
- Plan and implement strategies for bringing in new customers and improving sales of bank services.
- Supervise and motivate bank staff, and oversee the hiring, training, and performance of employees.
Branch Manager, Banking Job Listings
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Popular Employer Salaries for Bank Manager
Leading companies who hire large numbers of Bank Managers include Bank of America Corp. (BOFA), J.P. Morgan Chase & Co. (JPMCC), Wells Fargo Bank, Chase Bank, and SunTrust Banks Inc. Bank Managers flock to J.P. Morgan Chase & Co. (JPMCC) for generous paychecks, where average earnings of $78K lead the pack in compensation; however, J.P. Morgan Chase & Co. (JPMCC) also provides employees with a wide spectrum of compensation ranging from $47K at one end to $102K at the other end. Other employers shelling out big bucks include Citizens Financial Group, Inc., The PNC Financial Services Group, Inc., and Chase Bank, where Bank Managers typically earn around $72K, $71K, or $70K, respectively.
Others at the bottom of the scale for this job include People's United Bank at $59K, and Wells Fargo Bank where $59K is the norm, but it is worth noting that some Bank Managers there earn up to $94K.
Popular Skills for Bank Manager
Bank Managers report using a diverse set of skills on the job. Most notably, skills in Sales, Customer Relationship Management, Business Development, and Sales Management are correlated to pay that is above average, with boosts between 7 percent and 10 percent. Skills that are correlated to lower pay, on the other hand, include Consumer Loans and Mortgage Loans. The majority of those who know Customer Service also know Operations Management.
Pay by Experience Level for Bank Manager
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For many Bank Managers, extensive experience does not lead to significantly more money. Those in the early stages of their career can expect to make around $53K; however, individuals with five to 10 years of experience bring in $61K on average — a distinctly larger sum. Bank Managers claiming one to two decades of experience make an estimated median of $64K. Respondents who claim more than 20 years of experience may encounter pay that doesn't quite reflect their extensive experience; these veterans report a median income of around $65K.
Pay Difference by Location
Surpassing the national average by 34 percent, Bank Managers in San Jose receive some of the highest pay in the country. Bank Managers can also look forward to large paychecks in cities like Orlando (+20 percent), Dallas (+19 percent), Denver (+17 percent), and Chicago (+13 percent). The smallest paychecks in the market, 18 percent south of the national average, can be found in Houston.
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