Senior private bankers in Singapore earn more than their Swiss counterparts

Estimates show those in Singapore earn between $160,000 and $410,000 a year, while in Switzerland the range is $152,000 to $210,000 annually. This is according to London-based recruitment firm EMA Partners International.

A Bloomberg report noted, “The premium to attract somebody new in Asia is 20% to 30% of their base compensation, said Matthew Streeton, partner at The Consulting Partnership, a Singapore-based recruitment firm. Usually, private bankers get a guaranteed bonus in their first year on top of the base salary and thereafter earn an annual bonus based on performance, he said.”

Meanwhile, according to the report, firms across the region are looking to expand private banking teams, with global banks competing for staff with local rivals. However, experienced advisers who could bring in business to a new employer are harder to recruit, said Hanspeter Brunner, chief executive officer of Lugano, Switzerland-based BSI in Asia.

The report quoted Roman Scott, founder of Singapore-based alternative investment firm Calamander Group, as saying, “Labor makes up about 60-65% of the costs of a private bank.”

View the report here.