Personal bankers perform a number of duties, including opening and closing accounts for customers and providing guidance on the best types of accounts for different kinds of people. They should also have good customer service skills, as they interact with a variety of people everyday. Personal bankers who are bilingual are attractive to employers because of their ability to communicate with more customers. Salaries vary by location and employer, among other factors.
Basic Salary Information
According to the U.S. Bureau of Labor Statistics, personal bankers and bank customer support representatives earned a median hourly wage of $14.36 in 2008. Bank office clerks earned $12.17, and tellers earned $11.35 as a median hourly wage. Bilingual personal bankers might earn a higher hourly rate or salary than the median wages due to their unique ability to communicate with more customers.
The location where a personal banker works affects his salary. For example, bilingual personal bankers who work in Willis, Texas, earn $29,000 on average, according to Simply Hired as of July 2011. Those who work in Los Angeles earn $32,000, while those who work in New York City earn $34,000 on average. Bilingual personal bankers in Kansas City earn $29,000 on average, while those in Chicago earn $32,000. Bilingual personal bankers who work in cities with more non-English speaking people typically earn more than those who work in mostly English-speaking cities.
The company where a bilingual personal banker works also affects his salary. For example, according to Glassdoor, the average salary for a personal banker at JPMorgan Chase is $34,215 as of July 2011, while the average salary for a personal banker at U.S. Bank is $31,559. Citibank pays a higher average salary of $40,095 to personal bankers, while Wachovia pays an average salary of $37,873. Wells Fargo pays an average salary of $34,962 to personal bankers, and Bank of America pays a similar average salary of $34,530.
Wage and job opportunities for personal bankers and the rest of the banking industry are expected to grow 8 percent between 2008 and 2018, which is a bit lower than the national average growth rate for all industries of 11 percent. However, bilingual personal bankers might experience a higher then average growth rate than the rest of the banking industry because of their ability to communicate with a wider range of people, including international customers who want to invest or open accounts with U.S. banks.