View the article online at http://citywire.co.uk/wealth-manager/article/a762253
Brown Shipley triples profits as it embarks on hiring spree
by Eleanor Lawrie on Jul 17, 2014 at 10:15
‘The focus is to grow and recruit the right private bankers from the right organisations, but culturally they also have to be right.’
Sackfield also acknowledged that senior hires will initially be loss-making.
‘If you recruit private bankers in the first 12-18 months you will lose money on these individuals, but it’s about long-term investment in the business.’
On the remuneration front, the bank paid out £734,000 to its highest paid director over the year, up £88,000 compared to 2012. This contributed to a total wage bill among senior management of £2.6 million, up £500,000 on the year.
Brown Shipley also grew its loan book by £26 million during the year to £118 million, which helped contribute to a 19% increase in interest income.
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