RBC is hiring wealth managers, but some are cutting back

Royal Bank of Canada Wealth Management is continuing its Middle East expansion with plans to double the number of relationship managers in the region over the next two years. It’s another vote of confidence for the seemingly growing sector, but will also provide some opportunities for those who have lost their jobs in the sector in recent months.

The list of international firms expanding in the Middle East is growing – there’s Barclays, Coutts, Jefferies, and now RBC Wealth Management, which is recruiting an additional 15 wealth managers in another round of hires in the region.

Obviously all of this is good news, but headhunters caution that hiring plans should be taken with a pinch of salt. The sector has held up well, but some firms have also been cutting back – notably, HSBC, which has reduced the number of relationship managers from 66 to 12 over the last 18 months, according to our sources.

The market is good for top performing wealth managers, but it’s definitely not all plain sailing in the sector.