It’s that time of year again—bonus season has arrived, bringing with it the annual wave of movement across the private banking industry. As compensation lands and expectations reset, relationship managers and senior leaders alike begin weighing their next moves, setting the stage for another active hiring cycle.

Of course, not every move is tied to a bonus cheque—some are driven by a desire for a fresh start, better titles, or the classic “it’s not you, it’s my career” moment. And let’s be honest, sometimes people are simply asked to leave. 

While we’ve already started tracking early developments, the coming weeks are likely to see momentum build as banks compete to retain top talent and selectively add to their ranks.

Asian Private Banker’s 2025 Hiring Report highlights strong hiring rebounds across Asia, with banks expanding recruitment beyond traditional peers and tapping talent from family offices and asset managers. Looking ahead to 2026, private banks will prioritise experienced bankers, accelerate productivity gains, refine training programs, and invest in resources to capture the region’s growing wealth.

Our recent coverage highlights just how active the talent market has become.

Last week’s biggest headline came with the departure of Evonne Tan, Singapore’s private banking head at Barclays Private Bank, who had held the role since July 2021. 

The talent shuffle doesn’t stop there. The former regional head for Southeast Asia at UOB Private Bank has resurfaced at a Japanese financial institution in Singapore, after leaving UOB last August. 

Meanwhile, Bank of Singapore has seen changes on its investment team: Chee Jiun Wen, head of private markets and alternatives for nearly six years, is stepping down.

Over at UBS Global Wealth Management, two long-serving leaders are moving on. Robert Rohner, business sector head for the Philippines, is leaving after almost three decades, while Kelvin Tay, Singapore-based regional chief investment officer for South Asia Pacific, will depart after 20 years. 

UBS has already plugged the gap with James Cheo from HSBC Private Bank, covering Southern Asia and Australia—proof that in banking, you lose one, you gain one.

HSBC has also seen a change at the top. Cheuk Wan Fan, CIO for Asia at HSBC Private Bank and Premier Wealth, has retired, marking the exit of two key CIO office executives within months. 

DBS Private Bank’s head of funds, John Ng, has stepped down after nearly nine years, reportedly heading to another financial institution later this year. Citi Wealth also lost a veteran, with Julie Koo joining AllianzGI. 

Even Nomura International Wealth Management isn’t immune to the shake-up. Gareth Nicholson, CIO and head of managed investments for almost five years, has left for First Abu Dhabi Bank.

So, what does all this movement tell us? Is it a sign that priorities are shifting within private bankers, or just the normal churn of an industry in flux? As senior leaders—from seasoned CIOs to regional heads—move between institutions, banks face the challenge of balancing retention with fresh perspectives. Succession planning has never been more critical.

And for those making the leap, is it always about money, or has career momentum become the real currency? The private banking landscape is on the move, and the coming months will show who adapts, who thrives, and who gets left behind.