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BANKS - skeletons in their closet
The Phantom
#1 Posted : Wednesday, May 26, 2010 2:55:05 AM
Rank: Member


Joined: 10/16/2008
Posts: 56
Met an old campus friend sometime this week and we got chatting up.
He got into the banking industry after college and the stories he told me about how banks pay their fresh graduates shocked me beyond disbelief.
Apparently Eqeetee tops the rank of worst paying bank considering the billions they make. 25K for a fresh graduate with no allowances plus stress levels that make you an eligible candidate for mathare after every work day. Add a grooming loan of which they are charged interestShame on you (the nerve)
Bah-clays introduced a new low of 10k for their on-contract-graduates who do sales for them. 10K???
Kay-Rep is just a story fit for a horror movie.
Anyone who’s made it in the banking industry …did u start from such lows?
......If you talk to a man in a language he understands, that goes to his head. If you talk to him in his language, that goes to his heart....
chepkel
#2 Posted : Wednesday, May 26, 2010 7:48:19 AM
Rank: Member


Joined: 4/6/2010
Posts: 741
Location: Nairobi
i have heard of the Eqeetee guys and it is really bad
The Real Shaft
#3 Posted : Wednesday, May 26, 2010 9:39:48 AM
Rank: Veteran


Joined: 11/19/2008
Posts: 839
i thought you were to share with us....

bones....!!!!
I'm the real Massey Fergu...... Shut your mouth....
Wendz
#4 Posted : Wednesday, May 26, 2010 10:19:07 AM
Rank: Elder


Joined: 6/19/2008
Posts: 4,268
Its a market. willing buyer willing seller...... The question whether this is ethical is another story.

I think the trick for any 1st job and especially for fresh graduates is not to fall in love with your employer. Let the first job be your 4th/5th year in college only that this time you are being paid to learn. Experience and not the money par se should be the key.... after 1 year or so, jump out..... thats where you start building your career. if you are stuck with your 1st employer for the last 5 years and you joined as a fresh graduate, then you are doing yourself great disservice.

For the old guards, like me, we are allowed to say on till death or retirement do us part! LOL ;))))(am kidding).
chikita
#5 Posted : Wednesday, May 26, 2010 10:27:49 AM
Rank: New-farer


Joined: 2/18/2010
Posts: 94
Location: Nairobi
Wendz, as much as i agree its a willing buyer willing seller situation, the banks are clearly taking advantage. and on top of that they give some impossible targets!

BBK pays a measly 10k and expects you to dress like an exec!!!!
mlefu
#6 Posted : Wednesday, May 26, 2010 12:19:32 PM
Rank: Elder


Joined: 2/11/2007
Posts: 1,680
Location: nairobi
10k for a fresh graduate is more than enough...as for Wendz and the rest of my house...till retirement do us apart...still wanted to retire at 35 till i heard this from my beloved Kibaki "sio ati kila usiku ya pili ya tatu kazi yako ni kuproduce watoto, kwani hauna kazi ingine...ABK"
The Phantom
#7 Posted : Wednesday, May 26, 2010 1:50:41 PM
Rank: Member


Joined: 10/16/2008
Posts: 56
mlefu that was a good one from Ubako Laughing out loudly
But gotta agree with chikita.There is just a level of taking advantage that is so immoral!!
I still get shivers thinking of having 10k for a salo!!
hata bijuti ya njunge dont survive on that!!
......If you talk to a man in a language he understands, that goes to his head. If you talk to him in his language, that goes to his heart....
kingfisher
#8 Posted : Wednesday, May 26, 2010 2:03:22 PM
Rank: Elder


Joined: 4/9/2008
Posts: 2,824
its surely a pathetic situation to be in, but has @wendz has said, there is always a starting point and that is what it is.

Actually it helps resolve the problem called "deadlock", which is the worst nightmare for new job seekers.
When I have money, I get rid of it quickly, lest it find a way into my heart.
tony stark
#9 Posted : Monday, May 31, 2010 2:00:27 PM
Rank: Veteran


Joined: 7/8/2008
Posts: 947
10K is alot of money! It is neither immoral, illegal or unethical. It is way above the minimum wage of 6310. The rest of their pay comes from commission from whatever it is they are meant to sell. The 25k from equity is good money. If you think you deserve more is not the issue even carlos slim thinks he deserves more. The issue is can you get more and if you can go get it!!!
Amir
#10 Posted : Monday, May 31, 2010 3:31:05 PM
Rank: New-farer


Joined: 3/15/2010
Posts: 88
Location: sudan
This thread reminds me a guy who was employed by Stanchart bak in the late 90's n there was armed robbery whea every cashier emptied his/her till.Luckily for him his till was not emptied but tha stupid fella gave the branch manager the cash, he was rewarded with 50k for being a gud employee.Three months down the line he was sacked.
Talk of wasted opportunity haki angekuwa Mugikuyu sijui niseme nini.....

The Brave may not live forever - but the cautious do not live at all: Richard Branson
mukiha
#11 Posted : Wednesday, June 02, 2010 7:35:54 AM
Rank: Elder


Joined: 6/27/2008
Posts: 4,114
There are many, many graduates knocking on company doors offering to work for free. So, 10k for a guy who has never worked anywhere before is a lot in this market!

I am amazed at the preoccupation with salaries. Most times people do not stop to think about the work the are employed to do.

The fact that a bank makes a few billions in profits doesn't mean that their fresh graduates should get a share of the money! That profit belongs to shareholders (myself included in the case of Equity). They are the ones who take the risk!

Think about this: undergraduates on attachment at the petroleum refineries are paid sh10,000. However, since the risk of having untrained workers on site is so great, the insurance premium per undergrad is sh15,000. Therefore, the attachee pays the KPRL sh5,000!
Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
mukiha
#12 Posted : Wednesday, June 02, 2010 7:37:12 AM
Rank: Elder


Joined: 6/27/2008
Posts: 4,114
The Phantom wrote:
Met an old campus friend sometime this week and we got chatting up.
He got into the banking industry after college and the stories he told me about how banks pay their fresh graduates shocked me beyond disbelief.
Apparently Eqeetee tops the rank of worst paying bank considering the billions they make. 25K for a fresh graduate with no allowances plus stress levels that make you an eligible candidate for mathare after every work day. Add a grooming loan of which they are charged interestShame on you (the nerve)
Bah-clays introduced a new low of 10k for their on-contract-graduates who do sales for them. 10K???
Kay-Rep is just a story fit for a horror movie.
Anyone who’s made it in the banking industry …did u start from such lows?

So; how much do you think fresh graduates should be paid...and why?
Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
mukiha
#13 Posted : Wednesday, June 02, 2010 7:39:47 AM
Rank: Elder


Joined: 6/27/2008
Posts: 4,114
Amir wrote:
This thread reminds me a guy who was employed by Stanchart bak in the late 90's n there was armed robbery whea every cashier emptied his/her till.Luckily for him his till was not emptied but tha stupid fella gave the branch manager the cash, he was rewarded with 50k for being a gud employee.Three months down the line he was sacked.
Talk of wasted opportunity haki angekuwa Mugikuyu sijui niseme nini.....

What has this world come to? An honest person is now being described as "stupid". God help us.

So, why was the guy sacked any way?

Was it because of his honesty?
Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
bird_man
#14 Posted : Wednesday, June 02, 2010 8:09:18 AM
Rank: Veteran


Joined: 11/2/2006
Posts: 1,206
Location: Nairobi
I'm with Mukiha on this one.I started in the banking industry & I'm still in it.When I joined straight from campus I was getting a net of 32k....my net is nearly 3times that less than 2yrs later.
I have come to discover that what matters is not whether you work for long hours, the amount of cash you handle, the papers or even how much the bank makes.
The only thing that matters is the VALUE of your input i.e how many days the company can survive without your services.The guys I joined with still earn as low as 27k, some are on my level, others are even above mine.....if you have a chat with these 3 kinds of people, you will find that they reason very differently.For a young man/woman, the pre-occupation to me should be valuable experience and not salary. If you get this right, companies will start hunting you....instead of you doing the hunting.They will be sending their offers and CVs to you!

By the way, the low starting salaries are in all industries nowadays not just banks.There are too many graduates with good grades and no work skills looking for jobs.

But even better.....think of starting your own business where you decide how much you should pay yourself.
Formally employed people often live their employers' dream & forget about their own.
mlefu
#15 Posted : Wednesday, June 02, 2010 8:19:52 AM
Rank: Elder


Joined: 2/11/2007
Posts: 1,680
Location: nairobi
birdman..thats the spiritApplause ..i have had one unique staff for the last three years..the guy is simply committed..
leona
#16 Posted : Wednesday, June 02, 2010 8:29:38 AM
Rank: Elder


Joined: 8/1/2008
Posts: 1,432
Location: Marsabit
@Birdman
Enuf said..
Nevermind what haters say, ignore them til they fade away - Just live your life
Amir
#17 Posted : Wednesday, June 02, 2010 9:20:45 AM
Rank: New-farer


Joined: 3/15/2010
Posts: 88
Location: sudan
Mukiha tha guy was sacked bcozz of his honesty n the branch manager was scared he wud report the issue to big boss. The branch manager was a kyuk n he kulad the cash

The Brave may not live forever - but the cautious do not live at all: Richard Branson
mukiha
#18 Posted : Wednesday, June 02, 2010 9:36:09 AM
Rank: Elder


Joined: 6/27/2008
Posts: 4,114
Amir wrote:
Mukiha tha guy was sacked bcozz of his honesty n the branch manager was scared he wud report the issue to big boss. The branch manager was a kyuk n he kulad the cash

Now what has the branch manager's tribe got to do with it?

Any way, the sacked guy's day will come and he will reap the benefits of his honesty. As for the branch manager, his forty days will surely come to an end.
Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
tony stark
#19 Posted : Wednesday, June 02, 2010 12:00:25 PM
Rank: Veteran


Joined: 7/8/2008
Posts: 947
Amir wrote:
Mukiha tha guy was sacked bcozz of his honesty n the branch manager was scared he wud report the issue to big boss. The branch manager was a kyuk n he kulad the cash

My guy your story is fool(Full) of holes. In the previous quote you said he got a prize. Who and where did he get a prize from??
You said the money was in the till so there is nothing to give back because it was still in the till!!
You said the prize was 50K kwani how much was in the till?
The cherry on top of your tale is the "KYUK" manager kulad the cash. So who gave him the prize if the prize if the cash was kulwad? Does adding kyuk qualify your statement?? You conviniently forgot to tell us who the thieves were, who the manager was infact please tell us the tribes of all employees of that bank!!
Hizi story fake za mtaani uki chana miraa utawacha??
Amir
#20 Posted : Wednesday, June 02, 2010 1:02:26 PM
Rank: New-farer


Joined: 3/15/2010
Posts: 88
Location: sudan
Tony stark stop being a slow one:its all in tha story n FYI muguka is not part of the stuff i take:Am used to tha hard stuff

The Brave may not live forever - but the cautious do not live at all: Richard Branson
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