Salaries
Salaries
Private banking salaries:
What the top dogs are earning
A private banker’s salary is typically £70,864 in the UK – but it can be as high as £114,000 depending on the private bank.
A private banker’s salary is typically £70,864 in the UK – but it can be as high as £114,000 depending on the private bank.
This is based on salaries submitted anonymously to Glassdoor by private banker employees.
One private banker in the London area told the website he / she has 1-2 years of experience and earns £43,000 per year, plus a £5,000 cash bonus.
Meanwhile, another private banker in the London area – with 5 to 7 years of experience – reported making £60,000 per year.
An example of a private banker role is currently advertised on recruitment website reed.co.uk.
Private Banker Salary
The permanent role is based in London and the salary is in the range of £70,000 – £90,000.
The job requires a track record of working with financial services high-networth individuals in essentials, as well as the CeMAP qualification.
Among the main responsibilities for this salary are:
- Originate new target market clients through lending, transactional banking, savings and foreign exchange.
- Manage and develop existing relationships with the aim of building and maintaining the portfolio, whilst continually identifying further business opportunities aligned to the client’s needs.
- Consistent and accurate capturing of client information at all touch points.
Reed.co.uk says among the core skills and knowledge required for the private banker role are:
- Regulatory Knowledge as applicable to role (compulsory)
- To act with integrity at all times and embrace the philosophy of treating our customers fairly (compulsory)
- Coaching & Assessment (compulsory for Line Managers and other Supervisors)
- Experience originating clients through lending, transactional banking, savings and foreign exchange
- Experience providing bespoke lending solutions for target market clients aligned to their needs
- Client relationship management skills
Outside the UK, for private bankers in Singapore, the maximum salary for a private banking managing director in the city state is typically S$750,000.
An associate private banking director in Singapore can expect to earn a maximum of approximately S$200,000.
These Singapore salary figures are based on data from EMA Partners and The Omerta Group.
The average pay for a private banker in London is £59,495 per year. Most people with this job move on to other positions after 20 years in this career.
Source: PayScale
