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What are Private Banking Salaries like in Spain?
According to a salary study carried out by PageGroup, annual salaries in the private banking and big capital sector vary between €60,000 and €250,000 depending on the role. The report aims to provide a clear and honest picture of wealth manager and private banker salaries in the banking sector: high-demand professions in 2019.
According to Jaime Cristobalena, Page Executive Partner:
"This study is extremely useful both for professionals, who can analyse their market position, and for organisations, who can be guided when making decisions on how to attract and retain talent."
PageGroup collected data in Spain for the study, analysing over 500 professionals working in private banking areas, business units and departments. The report considers all the factors that can have a direct effect on gross annual salary, such as: the type and size of the organisation for which employees are working, how long they have been at the company, their hierarchical level and the size of their client portfolio. Jaime Cristobalena explains: "We extracted the data for each role analysed from the following sources: selection processes and searches undertaken, candidate assessments and ad hoc salary studies. By obtaining first-hand information, we can offer businesses and professionals a true reflection of the current situation and their salaries."
And what are the salary conclusions?
The most competitive salaries in the private banking sector are mainly found in top management and in Madrid and Barcelona. For clients with wealth of between €350,000 and €500,000, at the top we have Managing Directors with an annual salary of between €160,000 and €250,000; in second place come Executive Directors, with an annual salary bracket of between €100,000 and €160,000. Next, we have Directors with a salary of between €80,000 and €130,000, and finally, Private Bankers with wages of between €60,000 and €120,000.
At local and medium-sized international banks and wealth management firms that look after clients with over €500,000, salaries are rather higher. Managing Director salaries are over €180,000 a year, Executive Directors receive between €130,000 and €180,000, Directors are paid €100,000 to €160,000 and Private Banker salaries are between €80,000 and €120,000.
Finally, there is a clear salary boost for those working with high-net-worth individuals: clients with over 5 million euros. In this segment, Managing Director salaries are above €240,000, Executive Directors are paid between €160,000 and €240,000, Directors receive between €120,000 and €180,000 and, finally, Private Banker salaries are between €100,000 and €140,000. Indeed, these amounts do not take variable remuneration or annual bonuses for performance into account.
The transformation of the Spanish financial sector in recent years has resulted in those working in this segment becoming more highly qualified which, in turn, means they receive higher wages. These high salaries undoubtedly require plenty of preparedness, ability and commitment to the company. It is important to seek the support of specialist HR Consultants with extensive private banking knowledge: the search for and selection of private bankers and wealth managers at different hierarchical levels is extremely complex and remuneration and salaries play an important role in attracting talent and selecting the best professionals. Would you like more information about the private banking wage report?