No more musical chairs in banking industry-Merrill exec
As global markets rallied over the past five years, talent in the private banking industry had become a heavily fought over commodity. Rain makers, top bankers and entire teams were poached constantly by rival organizations who offered top dollar for the move.
However the unprecedented financial crisis has dramatically changed the talent landscape, with rookie bankers facing a harder time to move up the ladder, said a Merrill Lynch executive.
“Musical chairs are not taking place. People with limited experience, with fewer assets are not today being seen to move in the manner that they did in 2006, 2007,” said Rahul Malhotra, head of Asia-Pacific Advisory for Merrill Lynch.
Malhotra also said that the pace of growth in the wealth management industry outstripped the pace of growth in its talent pool.
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