The 150-year-old private bank is prioritizing internal mobility and relying on young recruits to get the firm up to speed on millennial topics as wealth management head in Zurich Victor Aerni, told «Citywire.»
Although Pictet is not currently chasing defecting Credit Suisse bankers, generally, periods of uncertainty present themselves as good opportunities for the firm to make new hires, as these are times when good people might be at odds with their employer and might be lacking support, «Citywire» wrote, based on an interview with the bank's Victor Aerni.
To tackle the labor shortage, Pictet is betting on hiring younger, less experienced bankers who can be trained and promoted in-house further down the line. Bringing in younger staff is also useful in understanding millennial clients, the report said.
Personal Banking
Younger clients are «interested in new business models, like blockchain, and thinking about what they can do to disrupt the world, be it biotech or developing a new app,» Aerni is quoted as saying.
Despite their affinity to technology, many of them are happy to leave their personal banking in the hands of the private bank to focus on their own business projects. This is the reason why the bank maintains its focus on clients who want to delegate their banking needs.
«We will never be Coinbase, we are Pictet, and if someone wants to trade the whole day online – you can go to an online broker for that,» he said.
