Deciphering Compensation Trends: Private Banker Salaries Revealed

A private banker 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.

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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

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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.