Thanks for sharing your experiences, guys!

If you don't mind my asking, what is the mode of compensation in private banking? Is it typically just salaried work, is there a scenario where you receive compensation on an hourly basis, or is there perhaps say, a commission that is taken from interest income or capital gains, or from the total revenue generated by the bank?

I've seen major banks recruit people into private banking before, and they seem to look for people who have established connections, i.e. people who had clients from a previous bank or people who have spent time networking - Do you know if there's a no-compete situation outlined in the employment contracts that banks issue, or whether such clauses would be sustained in court?

Further, what is the basis for HNWI's to use private banking? Is it typically just the appeal of the concierge service that draws them, or does private banking offer stuff like more favorable rates etc?

Lastly, I get that venturing into private banking requires work experience in an actual bank, but I'm wondering what specific skills or corporate phrases might be useful to know in this industry.