Is Private Banking Ready for the New War for Talent?

Recruitment in private banking in 2025 is under pressure like never before. Institutions must find people who can not only deliver traditional advisory work, but also navigate tighter regulation, new technology, client demands and cost constraints. Clients are seeking digital interfaces, transparent fees, sustainable investment options and global access. These shifts are forcing private banks to rethink what they look for in candidates.

There is growing emphasis across financial services on skills rather than credentials alone.

Research from the World Economic Forum highlights that adaptability, digital literacy and sustainability knowledge are now critical to roles that once relied on academic pedigree. Private banks are beginning to recruit with greater focus on proven skills in areas such as data analysis and client technology. This widens the candidate pool but also requires more rigorous selection processes.

Regulatory compliance is a driving force in recruitment. OECD analysis shows that institutions across markets are scaling up compliance staff to meet new expectations in financial crime, cross-border tax, and data oversight. Deloitte research notes that demand for risk and compliance skills is outpacing supply, leaving banks exposed unless they invest early. For private banks this means specialist compliance hires are now a strategic necessity.

Costs remain a challenge. PwC’s latest update on Swiss private banking shows personnel costs remain the largest expense, reflecting the continued expansion of relationship managers and the growing spend on compliance and IT functions. Banks must manage these investments carefully as margins tighten. The need to recruit skilled advisors remains high but cost control is now a constant factor in strategy.

Retention and candidate experience are equally important. Studies from the International Labour Organisation highlight that professionals are leaving when recruitment processes are slow or unclear, or when firms do not offer clarity of career path or flexibility. In private banking, where reputation is built on trust and continuity, retention failures carry high costs. Candidates increasingly value cultural fit and transparency as much as salary.

Technology is shaping recruitment both directly and indirectly. Clients expect private banks to offer digital access, predictive insights and seamless communication. At the same time, banks are using technology to assess and screen candidates more efficiently. Yet technology cannot replace judgement or discretion, which remain central to the private banking relationship. The task is to combine both.

Recruitment in private banking in 2025 demands that institutions hire for adaptability, skill and character as much as for knowledge. The banks that succeed will be those that anticipate regulatory change, meet client expectations, provide technological fluency and create environments where talent can grow. In a sector where trust and expertise remain the foundation of value, the ability to attract and retain the right people will define long-term success.