eFc: Coutts loses 70 bankers in mass defection - Spear's Magazine

eFc: Coutts loses 70 bankers in mass defection

The 70 RBS Coutts employees in Singapore who grabbed international headlines today by quitting the firm en masse are all joining the local office of Swiss private bank BSI. And many of the defectors are said to have clinched guaranteed three-year employment packages.

The 70 RBS Coutts employees in Singapore who grabbed international headlines today by quitting the firm en masse are all joining the local office of Swiss private bank BSI. And many of the defectors are said to have clinched guaranteed three-year employment packages.

It was announced last week that Hanspeter Brunner, former co-chief executive of RBS Coutts, had joined BSI to build up its comparatively small Asian operations. Now a large chuck of his former crew are joining him, with most starting their roles this week or next week, according to three banking industry sources.

“It’s one of the biggest single movements from one firm to another in the history of private banking in Singapore. Even during the boom times, we didn’t see anything on this scale,” says one headhunter who asked not to be named.

BSI’s new team, which significantly expands the bank’s Singaporean headcount, consists of about 20 relationship managers and 50 support staff, including private banking assistants.

The resignations are believed to be linked to disgruntlement over RBS Coutts deferring bonuses for this year, rather than paying lump sums.

To read the full story, visit efinancialcareers.sg



 

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