Banks hire for regional wealth offices

As City-based private banks prepare to flog their wares in the UK's regions, recruiters say they should have no trouble persuading London talent to follow them up north.

"I don't think banks will have a problem sourcing people for regional offices," says Christian Sulger-Buel of search firm Sulger Buel & Co. "It's easier to recruit people who originate from the region they are covering. There is talent locally, and there is also talent in London willing to return for quality of life."

Wealthbriefing.com says Coutts plans to open its Milton Keynes and Chelmsford offices early next year, while the Financial Times this week reports that HSBC Private bank is launching its north-west operations this week to mop up the 30,000 potential clients in regions such as Cheshire.

Coutts is looking to hire a private banking professional in Milton Keynes in the near term to complete a launch team of four, headed by Nigel Hawkins. The new office will open with about 10-12 staff, but 20 are planned for the next three years.

Sulger-Buel says Londoners considering a move to the regions shouldn't be put off by pay issues. "It is not true that everyone pays a lower salary in the regions because there is demand, and even if the salary is lower, the quality of life is higher." He says the issue is more likely to lie with banks and the number of institutions fighting for talent.

Wealthbriefing says Coutts has increased the numbers of private bankers working from its offices outside London by 60% - in some cases doubling local teams, as part of a regional expansion plan.

The FT says HSBC established its first regional office in Leeds last year, and has since opened offices in Birmingham and Cardiff. Coutts says three further locations for new Coutts offices will be announced next year.