HSBC is looking to build its wealth management business. One headhunter says it will have to pay generously for the privilege.
The pool of 'quality' relationship bankers is already severely limited, Simon Culliford of Culliford Edmonds Associates, tells us. "If banks like HSBC, UBS, Credit Suisse and Citigroup want to keep growing by hiring people in, the price will go up."
According to Wealthbriefing, HSBC aspires to increase its wealth of private banking talent by at least 10% next year.
Wealthbriefing cites Chris Meares, HSBC's head of private banking for the UK, Channel Islands and Luxembourg, who it says told attendees of Reuters' recent Wealth Management Summit, there was "some pressure" on the pool of talent.
Culliford says private banks need to do more to "grow their own" when shortages are rife.
Other banks looking to expand their private wealth businesses in the UK include SG Hambro and Kleinwort Benson.
Culliford says HSBC are likely to be looking for experienced private bankers with between five and seven years' experience. He adds that people in this category can command a total of 80,000 to 120,000.