Trends in private banking recruitment in 2018
The private banking sector has continued on its hot streak throughout the first half of 2018. Having spoken to a number of bankers recently, the following are some interesting trends which are emerging as the year progresses:
1. Herd mentality
There is a growing preference among bankers to move in teams, this is to ensure that the bankers still have the familiarity of their colleagues and also to hedge their bets regarding client onboarding. Also knowing whom they will report into going forward has it's advantages
With onboarding of clients, account opening , constant change in cross border regulations becoming more stringent , bankers nowadays are looking to move to platforms which offer flexibility in terms of market coverage. Banks that offer bankers the opportunity to cover more than one market are in demand. Notably a lot of smaller banks facilitate this model. With capital controls , tax amnesty & declaration of data affecting markets like Indonesia, Malaysia, Thailand in the past, a banker covering more than just those markets mitigates his risk in terms of performance
This year & last year we have noticed a lot of our clients specifically giving us names of bankers/ teams that they would like to hire. This highlights the competition for talent in the market. Given the dearth of quality bankers & competition for the good ones, banks are using a more indirect approach in order to get the best value for money and not face embarrassment should the potential move not work out.
If you'd like to know more, please feel free to email me and we will arrange to meet for a quick coffee.