First City Monument Bank (FCMB) is one of the leading Nigerian commercial banks rendering global financial services. The bank was licensed by the Central Bank of Nigeria (CBN) in August 11, 1983 and the first indigenous bank to come into being without foreign or government financial support.
FCMB kick-started with the initial name as City Securities Limited in 1977 by Oloye Subomi Balogun, the Otumba Tunwashe of Ijebu land, a highly reverenced Yoruba traditional aristocrat.
The bank has over the years evolved to become one of the big banks in Nigeria having transformed from former First City Merchant Bank to FCMB in 2001 as a result of its transformation to a universal bank.
In July 15, 2004, history was made as FCMB changed its status from a private limited liability company to a public limited liability company and made the list on the Nigerian Stock Exchange (NSE) in December 21, 2004.
In 2010, FCMB and FinBank, another undercapitalized Nigerian commercial bank, had a successful merging after FCMB acquired 100% shareholding and the bank began full operations.
FCMB is a friendly bank, that has since its existence maintained a pace and responding to the dynamic needs of its customers, investors, employees, host communities and other stakeholders in line with the contemporary global financial services.
The staff of the bank will attest to this fact as they are well paid for their services, one of the salient reasons why its staff work for longer period of time without unnecessary complaints of poor remuneration or moving to other sister banks in the country.
In this article, we shall bring you the salary structures of FCMB for its staff 2022, ranging from least paid marketers to senior management positions, the employment opportunities and of course factors that determine the Bank Salary Structures for their over two thousand payrolls in Nigeria and 3 million customer base across the country.
We begin by defining a banker as a person who renders financial banking services in a bank.
Basically, there are two types of bank staff namely – a Contract Staff banker and Core Staff banker who is permanent or a regular banker.
- Contract staff:These are staff who are not permanent with the bank. They can only be permanent or absorbed fully into a particular bank after they have fulfilled certain terms of Contract.
- Core staff:On the other hand, core staff are those that are employed by the bank. They are permanent and earn even higher than the contract staff. Their contract with the bank can only be cut short where cases of fraud or financial mismanagement have been discovered.
Salary Structures of FCMB for its Staff 2023
Like every other bank in Nigeria, FCMB is a good place to work. The bank pays its staff handsomely well. Below are various positions ranging from Marketers to Senior management positions of FCMB and their monthly salaries:
Marketers: Marketers at FCMB earn a monthly salary of about N40,000 amounting to about N480,000 yearly.
Graduate Trainees: These are Nigerian graduates from various Universities and Polytechnics who are made to undergo a compulsory training with FCMB for a period of 4 – 6 months to acquaint them of the banking skills ahead of them. They earn about N46,000 totally N230,000 throughout the duration of their programme.
Contract Staff: As described above, Contract staff are non full staff of FCMB. They are on contracts and in most cases given targets. They are sometimes incorporated into the banking system after meeting the bank’s set target. They earn about N58,000 monthly and a yearly sum of N696,000. They sometimes enjoy some incentives depending on the department which significantly boost their monthly salaries.
Entry Level Officers: The entry level officers are staff with FCMB that have successfully undergone compulsory training. They are saddled with much banking responsibilities with a monthly take home of between N105,000 and 115,000 and a yearly sum of N1.2 million to N1.3 million.
Customer Care Officers: are representatives of FCMB. They earn about N124,000 monthly and a yearly sum of N1.4 million.
Relationship Officers: fall under senior management positions of FCMB with greater responsibilities. They earn a monthly pay of about N267,000, amounting to about N3.2 million yearly.
Loan Officers: also fall under senior management cadre with a monthly pay of about N541,000 and a yearly sum of N6.5 million.
Credit Analysts: are senior banking staff with FCMB with greater responsibilities and earning. Their monthly take home is about N610,000 and a yearly sum of N7.3 million.
Branch Managers: are senior banking officers and the highest paid staff of FCMB. They are charged with the responsibilities of running the day to day banking activities in a particular bank assigned them. They receive about N690,000 monthly and N8.2 million in a year.
In summary, FCMB remains one of the oldest and top Nigerian banks. It is efficient, reliable and consistent bank that renders global financial services where its staff are well paid and jobs secured.
The above information regarding the salary structures for FCMB staff is still very much in force and job seekers in the categories of graduate trainees and those who have the intention to work with bank or move from other sister banks in Nigeria will find the information provided here very useful and educative.