eFinancialCareers

One measure of Singapore’s desperation for private banking talent is the sudden popularity of the city’s elite hairdressers.

According to one banker in Hong Kong, recruiters at rival outfits have been trawling the city's finest salons in the belief that crimpers used to tending the hair of the rich and famous can easily make the transition to private bankers managing their money. If you're capable of dealing with the tribulations of someone paying S$1,925 for a cut and blow dry, the rationale goes, then you're more than capable enough of persuading that person to bank with you.

"Many private banks are still in the asset gathering stage," says Chia Tek Yew, financial services partner at Heidrick & Struggles in Singapore. "Particularly, new segments like non-resident Indians, the 'new rich' and third generation wealth. Therefore, the emphasis is around getting good relationship managers who can bring or access such clients."

Credit Suisse is among those building up in the region – the Swiss bank recently poached Dr. Francois Monnet from rival UBS to help build its Swiss franchise. Goldman Sachs, Barclays. Standard Chartered, and Société Générale have also been hiring people over the past year, while both UBS and Credit Suisse have set up private banking schools specifically to train relationship managers in the region.

How much can a private banker earn? Salaries for senior staff are reportedly around US$300k, although there are rumours of US$700k to US$800k for top staff.