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Stephan Surber, an expert head hunter working at the finance division of Page Group, says the wage gap between managers and staff is widening. And at the same time, banking seems no longer an attractive proposition for graduates, he told finews.com in an interview.

In a recent survey published by Bayerische Landesbank, children were asked about their job preferences, and banking didn't score highly at all. As a headhunter, do you still come across young people who strive to become a banker?

Quite to the contrary. Banking isn't the first choice anymore among graduates – and not even third or fourth choice. When I left the business fourteen years ago, banking was still top of the wish list. Today, technology, sustainable business, and entrepreneurship are what attracts the young. And: the new generation is much more interested to receive a sense of purpose through their occupation.

Banking is meaningless?

Of course not. But it is problematic for sure that banks have been creating negative headlines ever since 2007. The young have grown up with the bad press. And that experience lingers on. The fact that Swiss banking has been shedding jobs in recent years didn't help either.

Salaries in banking are still higher than elsewhere. A Michael Page study recently concluded that bank manager compensation isn't really under pressure in Switzerland. How come?

It is worth remembering that bankers' wages have become more differentiated. Compensation of managers is still very high. In mid-management however, the level of bonuses have been cut and linked more closely to performance.

«The wage gap is widening»

From a certain level, you can no longer expect a specific level of pay, because everything has become more volatile. The people at the front, who generate the business of the bank, are the ones who have profited from the changes in compensation.

Bank employees hence are right to claim that their wages are falling while the bosses are being paid millions?

In general, the wage gap between the global top management and the rest of the staff is widening. And this is not a good development. But the general public doesn't appreciate that banking isn't just banking and that there are other factors influencing the level of pay.

Such as?

Jobs exposed to global competition typically draw a higher salary. I also lead the global finance segment at Page Executive. What I see is that our globally active bankers aren't paid more than they would be in London or in other big financial hubs. We want to attract top people to Switzerland and compensation is one factor.

But the banks have a problem with their operating costs and the top salaries have been criticized.

I can't see a change at the top. But there too performance has become a more important factor. Sometimes, even a managing director gets almost no bonus at all. This would never have happened before.

«Good private bankers are still much sought after in Switzerland»

No need to be concerned about bonuses at all then?

Performance is simply being taken into account to a higher degree. And this makes sense. Performance-related pay has become more widespread among independent wealth managers, where top performers can keep as much as half of the revenue generated. This is making the business attractive for relationship managers.

Who else in Swiss banking gets a top compensation?