Alberica Brivio Sforza, head of private banking at Lombard Odier in Italy, lost a deal to poach bankers from Mediobanca when BNP Paribas offered upfront payments tied to transferred assets and future revenues, potentially worth tens of millions. Private banks in Italy are now engaged in a talent war, offering tied-agent contracts that pay 1 to 3 percent of assets under management upfront, plus half of future revenues. These contracts, once common only in the mass affluent market via firms like Banca Generali and Intesa Sanpaolo’s Fideuram, are spreading to ultra-high-net-worth private banking.

Bankers can work as self-employed advisers affiliated with one institution and must typically stay three to five years or repay part of the signing bonus if they leave early. The trend, which executives call "buying books," is seen as aggressive and potentially costly but hard to avoid. It traces back to the Eurozone crisis and Mario Draghi’s "whatever it takes" pledge, which spurred private equity investment in Italy’s hidden gems—small, low-leverage family businesses.

The surge in wealth has intensified competition for top bankers, transforming Italian entrepreneurs into sought-after clients.