Private Banking Jobs: Hiring, Performing, Promotions - Industry Standards

Although the credit crisis in the financial sector has caused the loss of many private banking jobs, things are slowly returning to normal. The stock market has recovered somewhat, bank failures are starting to decline and oil prices are beginning to become somewhat stable. All of these are indicators that the economy is moving in a positive direction; therefore, some banks and financial institutions are starting to hire again - be it on a limited basis.

Types of Private Banking Jobs Available

Banks and financial institutions are again starting to hire for positions that suffered large job cuts in the past 18 months or so. For example, some banks are beginning to hire loan officers, investment banking consultants and many administrative type position jobs as well. However, many private banks are changing the way these types of employees - especially the own officers and private investment bankers - are paid or compensated.

Many banks are no longer offering large incentive-based bonuses for employees that are make the most loans, open the most investment accounts or otherwise bring new business to the bank. Recent events in the banking industry have caused a public outcry against large bonuses for employees of often mismanaged or underperforming banks. Therefore, the banking industry is responding by paying many employees with more traditional compensation packages.

While the pay structure for many banking employees has been affected, performance requirements have remained the same or may have been increased somewhat. Banks are now asking employees to do more and receive less. For example, many banking employees are now required to perform duties that they may not have been asked to perform in the past. Therefore, banks are seeking people that are able to multitask, and adapt to new performance duties very quickly.

While the banking industry is forced to require more from its employees, the banking industry is also looking within to make promotions. Many banks and financial institutions are promoting from within their own ranks, and are no longer searching outside the company to fill many positions. Banks are realizing that by rewarding longtime current employees, that the employees will generally keep the best interest of the company in mind. By doing so, the banks also ensure that positions are filled with qualified candidates that already know the inner workings and expectations of the bank.

Applying for Private Banking Jobs

While there is not an abundant supply of available jobs in the private banking sector, there are more than you may think. Therefore, if you have skills or qualifications that enable you to provide the types of services that private banks are looking for, now might be a good time to apply.

However, you should keep in mind that many people are out of work right now and that there is a lot of competition for any potential job opening. Therefore, you need to make sure that your resume or CV is prepared carefully and properly. Make sure that it concisely, but effectively, details your qualifications and best employment related traits in order to catch the attention of hiring managers and recruiters. Also, keep in mind that you may need to apply for many positions before you are considered or accepted by a particular bank. In short, it is an employer’s market right now, and banks are looking for the best and brightest applicants.