BOS Revamps Front Office Compensation Framework
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OCBC’s private banking unit, Bank of Singapore, has revamped its compensation framework for relationship managers to enhance performance reflection and transparency. The new model is performance-driven, linking pay to individual profit contributions, offering greater certainty over variable bonuses compared to the discretionary bonuses common in the industry. CEO Jason Moo emphasized the importance of relationships and trust in private banking, stating this change aims to attract and retain top talent to support growth ambitions.
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