Private banking bonanza prompts difficult decisions “The typical Asian private banking client is mid-40s, male and smart,” says one insider. “So what you really need as advisers are grey-haired private bankers who’ve been through the cycles. But there aren’t nearly enough of those around and meanwhile you’re growing at 30% per annum.”
Faced with a chronic human resource shortage, banks have come up with a neat solution. Since the private banking model in Asia is overwhelmingly advisory and Asian clients tend to be extremely market savvy, banks have found a new source of talent to tap, a strategy dubbed a little unkindly by one practitioner as the ‘private banking girlie model’.
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