Good news for private bankers, bad news for their support staff

Demand for private bankers, particularly with Asian, Turkish and Greek connections, continues to motor ahead. But cost cutting doesn't bode well for IT and operations staff at Credit Suisse.

Harry Pilkington, a consultant specialising in private banking recruitment at search firm Armstrong International, says Turkey and Greece rank second only to Asia when it comes to private banks' recruiting ardour.

"Greece and Turkey are seen as markets that are easier to penetrate than the rest of Europe," he says. "There aren't many established bankers covering these markets and there's a bit more low hanging fruit there than in the likes of France and Germany."

Citigroup is understood to be among those perusing the Greek market, while Stanhope Capital, a London-based boutique private banking has just hired a senior banker in Turkey and is in the market for others with a South European flavour.

"We're looking for people with ten to fifteen years' experience and contacts, particularly in Southern Europe," says Daniel Pinto, founder of Stanhope. "We're expanding rapidly and the South is of interest to us."

If senior private bankers with South European contacts are in demand, the same can't quite be said for operations and IT staff at Credit Suisse.

As part of plans to merge its five independent private banks, Credit Suisse today announced plans to make 200 operations and IT staff redundant over the next 18 months.

The bank says the merger will enable it to better serve its clients in Asia and the Middle East, but a spokeswoman said it will not necessarily lead to the recruitment of additional private bankers in the region.