Private bank profits hinge on operational efficiency

Whether it’s a huge European business expanding in Asia or locally based wealth managers ramping up, the entire industry is embroiled in a high-profile talent war and chase after the region’s budding multi-millionaires. Behind announcements about plans to double or triple teams of relationship managers, however, private banks are quietly suffering. The global financial crisis has put a temporary end to the level of trading flows and booked deals, with revenues still well below the 200…