Christmas Is Time For U.S. Bank Promotions

Press, Volume C, Issue 29706, 27 December 1961, Page 7

Christmas Is Time For U.S. Bank Promotions

(N -Z.P.A.-Reuter—Copyright)

NEW YORK. Although, by most traditions, Santa Claus comes “down the chimney,” for one very important group of persons here, he may be said to come “up from the vaults.” For the top executives of America's banks, Christmas is the time when new appointments and promotions are generally made. There is no question of the Christmas spirit about this. It just happens that the week before the holiday is when the banks are preparing their annual reports and it is convenient to list the appointments so that the newly promoted executive can get used to the feel of his duties in time for the New Year But it is not just a new office—-and of course. a higher salary—that a senior official gets together with his new post. There are all kinds of ‘‘fringe benefits” and status symbols which go with it at the higher levels. In addition to a salary increase of some 10 per cent., those who move from a junior bank officer's desk to a senior officer’s suite will in future eat in an exclusive top executive's dining room. It he becomes a vice-presi-dent—some big banking organisations have more than 100 of them —he will get paid membership of exclusive clubs where he can help his firm's business over a round of golf or over a drink with tcp figures in industry.

Occasionally, he will be able to use one of the firm’s fleet of sleek, chauffeurdriven “prestige” limousines to whisk him to important business meetings. One big banking firm reserves a literal “fringe" benefit for its vice-presidents. They are entitled to the free services of the company’s own private barber. Food On a Tray Another privilege of vicepresidents is that they are allowed to furnish their new office according to their own taste, and can get food brought up to them on a tray. A vice-president also gets private stationery, with his own name on it. In a New York bank, the lowest rung on the officer scale, such as the post of assistant cashier or assistant treasurer, commands a salary of between 10,000 and 15,000 dollars (about £3400 to £5000) a year. The next rung up, that of assistant vicepresident, brings an officer into the 15.000 to 20,000 dollars a year bracket, while a full vice-president is usually paid 20.000 dollars a year and more. In the rest of the country, the scale is somewhat lower, and a full president may not get more than 15,000 dollars a year.