Income of rich clients likely to take longest to recover, FNB says
Corporate executives’ bonuses have fallen and share options have failed to vest due to difficult economic conditions
The head of FNB Private Wealth and RMB Private Bank expects the income of its well-heeled clients to take the longest to recover as its corporate leaders and entrepreneurial clients struggle to justify lofty bonuses when businesses are struggling in a weak economy.
“We expect it will take between eight and 12 months for individual client income levels in our wealth segment to recover to pre-coronavirus levels. The income level recovery of the wealth segment will take the longest of any segment within FNB, according to our internal analysis,” said Eric Enslin, who heads the two private banking operations within the FirstRand stable...