Bloomberg News reports that U.S. regional banks are luring executives from global rivals with an ease and frequency unseen before.
About half the recruits for senior-level openings at mid-size banks are people whose resumes lead with names including Citigroup and JPMorgan Chase, estimates Robert Voth, managing director in the financial services group at Russell Reynolds Associates, a recruiting firm. The share was about a fifth before 2008’s credit crisis, he said.
While regional banks aren’t the biggest raiders - they can’t match the potential riches offered by investment and tech companies - they are highly motivated. They must adapt quickly to new regulations, technology and competition from online startups, and in some cases staff new units, so they’re seeking people from firms a step ahead, according to recruiters.
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