No-frills travel is on for private bankers
The days of luxury VIP lounges are gone for many private bankers, as the crisis forces them to travel economy to save money.
Thrift has become the new mantra for private banks and, like with many other industry segments already, getting out of the office is allowed only if there are clients to meet.
“We are making sure everything we do is efficient. We travel economy now,” says Samir Raslan, Region Head for Central, Northern Europe, Africa and Turkeyat Citi Private Bank.
Citi, one of the big wealth management players that was hit hard in the financial crisis, has gone on a slimming diet and cut about 25 percent of costs and about 20 percent of stuff in the last year.
Raslan says he does not see any more cost cutting, but the no-frill travel rule stays.