Private Banking job & lifestyle
AM
Tags:
(Senior Monkey, 83
Points)
on 5/28/10 at 8:39am
Hi,
I was wondering what are the real responsibilities of private bankers? Do they work on strategies to preserve wealth (forecast, portfolio, taxes...) or are marketers who are essentially rich people's bitches? (found this somewhere here)
Is the fact that PB manages money of individuals as opposed to institutions (asset management) the only difference?
Thank's.





Private banks provide a lot
Private banks provide a lot of services to wealthy individuals; not just being their 'bitch'. I have a friend working at Credit Suisse who told me he had people working below him who brought in more revenue, but did no actual work and knew very little about Finance itself. Not sure how true this is, but it seems to be the case in some of these places.
Also, PB provides AM services too.