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The banking segment still matters greatly for the level of compensation. The trends discernible in finance are having a direct impact on wages, said Surber. Digitization, the low interest rate environment and the move to wealth management are all having an effect.

«Both in 2019 and this year, we have seen strong demand for private-market investment experts due to the low-interest environment – and it shows in their salaries,» said Surber. The same was true for digitization, where experts in fintech, IT and payments were attracted with rising levels of pay, he added. «The function is playing a bigger role than the industry,» said the Page Executive partner, who was a banker himself.

Recruiters are tending to look more at candidates' experience than their career or position in banking when hiring for specific digital projects.

Replacing Managers

The tough competition in wealth management helps advisers with healthy client books achieve top salaries. Private banks, multi-family offices and independent wealth managers all vie for the same talent and this won't likely change anytime soon.

The job market for bankers has gathered pace again, said Surber. «The market froze up during the shutdown but has gradually recovered since the beginning of the summer.» And banks are beginning to respond to what they've witnessed during the crisis, with a certain desire among banks to change managers that seemed out-of-their-depth.