Private banking faces convergence
Private banks are likely to merge in a bid to meet the challenges of the shortage in wealth management talent.
Craig Lewis, director and head of investment solutions at the private banking division at Credit Suisse told Reuters that the M&A trend is already underway in the "fragmented" wealth management sector.
One driver behind the convergence is the need to acquire people with the talent and experience to draw new clients and manage existing ones.
"It is very difficult to find very good relationship managers for the UK market. They are very important to any organisation," Lewis said. "The market [for such talent] has become very tight."
