Like so many sectors in 2009, private banking didn’t have much of a year to write home about. This year might have better things in store.
Pete Millett, director of recruitment firm People Services International, says he expects to see hiring levels increase during 2010, predominantly in the lower level private banking services offered by larger foreign and domestic retail banks.
And he isn’t the only recruiter who thinks things will slowly pick up. Kevin Naylor, team manager of the financial services division at Wall Street Associates, says increased appetite among investors could mean more hiring in some foreign firms.
“As market conditions improve, we should see more investors looking for ways to take a bit more risk and stay ahead of the pace of the recovery, which may lead them to foreign private banks, who can offer more options,” he says.
But given the reputation Japan’s private banking sector has for being underdeveloped, will there be enough talent out there for anyone hoping to recruit in 2010?
For Millett, the answer is yes: “I do not see a shortage of available talent as being an issue for any private bank wanting to hire here in the current job market,” he says.
Despite their increased desire to hire, however, Naylor says foreign banks might face a challenge getting local talent to move. “I still foresee a slow candidate flow as the best private banking candidates will remain faithful to their Japanese firms with the uncertain fate of foreign private banks in the slower paced recovery in Japan.”