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How do you attract the top salespeople to the banking sector?

As the UK government and the regulatory authorities continue their crusade against the UK banking sector, with suggestions of significant regulatory restrictions regarding salary and bonuses, many people are wondering exactly how UK banks will be able to attract the best salespeople to their operations. While there is no doubt that the UK economy, and the UK banking sector, is not the only country in the world suffering from a downturn, there are many countries who have decided not to tighten their regulatory regimes.

This potentially opens the door for overseas financial markets to try and cherry pick the best in the UK sector, offering them salaries and bonuses which in their homeland will not be as drastically regulated as those in the UK. While this may not be a problem for the UK financial sector in the short term, a market is only as good as its employees and if the quality increases overseas and diminishes in the UK then we will have a problem.

Finding the balance between appropriate numeration and downright profiteering is very difficult and something which the regulators in the UK, and many other countries around the world, have yet to grasp hold of.

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