Page 2 of 2

The poaching of new staff doesn’t work quite as it used to. In the past, relationship managers took an average of 30 percent of their personal clientele to the new employers. Today, that range has fallen to about 15 percent.

Part of the reason for this shift are better defensive measures applied by the companies. The highly complex regulatory environment will also have lowered the appetite of customers to follow their personal relationship manager to his new employer.

Strong Organic Growth

«The regulatory environment has become highly demanding. We assume however that the measure of change won’t accelerate any further,» Prince Max said. The effort to make the bank’s books ready for the introduction of the automatic exchange of information had left its marks on the bank’s book in the past years.

The revision has now been done and dealt with, Piske said. The strong organic growth of net new money in 2017 – 17.7 billion as opposed to 11.7 billion in 2016 – was evidence of this. The acquisitions added a further 18.3 billion francs to the total and 13.7 billion were attributed to the rising valuations of securities.