Private bankers in Taiwan win big paydays

For Taiwan’s rich, tensions between the island and Beijing continue to drive significant offshore allocation. — Bloomberg

TAIWAN’s private banks are grappling with a talent crunch in their bid to target the island’s growing US$7 trillion pool of wealth, forcing firms to boost compensation as they struggle to fill positions.

As global banks like UBS Group AG and HSBC Holdings Plc square off with local powerhouses, base salaries for elite wealth managers have climbed about 40% over the past five years in some instances.