Private banks hiring in Eastern Europe
Zurich-based investment bank Vontobel is set to follow Credit Suisse, UBS, Citigroup and Deutsche Bank with a foray into Eastern and Central European wealth management.
The group announced that as part of its growth programme, there would be a "clear increase" in the number of relationship managers for Eastern and Central Europe at its Zurich and Vienna operations, which currently serve Russia, Poland and the Czech Republic, WealthBriefing.com says.
Vontobel Group will also be setting up a Geneva-based unit for this market.
Sebastian Dovey, managing director of recruitment firm Scorpio Partnership, says that Vontobel has entered the market at a time when Eastern Europe is becoming very more important and competition for talent is increasing.
He says "The main active players in Russia, Poland and so on are UBS, Credit Suisse and Citigroup Private Bank. All of the banks are trying to hire in the region; a large US brokerage style bank has just hired a head of Russia. They are all looking to significantly grow their bases."
