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Nasty, brutish and short-term

Trust. Integrity. Commitment. Relationships. These are the catch phrases of private banking, sentimental words they are well larded into banks’ marketing materials. However, beneath such warmth and fuzziness is a hard-boiled business. One noteworthy feature of late 2009 was how much headcount turnover there was within the industry. Many firms were engaging in large-scale recruiting even though banks had significantly…

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