Private banking’s global war for talent
A quiet battle is under way in private banking to hire trusted, super-talented and increasingly well-paid relationship managers. It is tricky and expensive, and it’s pushing salaries ever higher. As the power and prestige of wealth management grows, finding and keeping talent is one of the most important challenges that all banks face.
“It is unbelievable. We have never been busier in wealth management as in the past year – and it has been an incredible year.”
So says Jeanne Branthover, managing partner and head of financial services practice at international recruiter DHR Global, speaking from her base in Palm Beach, Florida.
Her experience is repeated again and again among recruiters to the global private banking industry worldwide, reflecting an unprecedented demand for private bankers in an industry that is experiencing robust growth.
Shang-Wei Chow, head of southeast Asia wealth management at Deutsche Bank in Singapore, confirms the global trend: “The private banking market in Singapore is very hot.