How to Create a Succession Plan for Your Senior Bankers

In banking, leadership transitions are high-stakes. When a senior banker retires or shifts into a new internal role without a clear succession plan, it can slow deal momentum, unsettle client relationships, and put revenue at risk. A proactive succession strategy isn’t just about continuity — it’s about protecting institutional knowledge, client trust, and long-term value.

‍

Plan Ahead, Not in Crisis

‍

Succession planning should begin long before a retirement party is on the calendar. Start by identifying rising talent early—those with the technical skills and commercial instincts to lead. 

The objective isn’t to swap names on an org chart; it’s to ensure the next generation is ready to step in without missing a beat. This takes time and forward planning. 

‍

Build a Bench, Not Just a Backup

‍

Effective succession planning doesn’t rely on one person being next in line. It’s about creating depth across the bench — bankers with exposure to key clients, sectors, and leadership experiences. Give high-potential talent stretch roles, regional rotations, and opportunities to co-lead major deals. Remunerate senior leaders according to their results and how much they help bring talent up with them. 

‍

Balance Internal Development with Market Awareness

‍

Promoting from within ensures cultural continuity and retention, but sometimes a client segment or product group needs outside thinking. Stay in tune with the external talent market — understand how your internal pipeline stacks up, and be prepared to bring in seasoned expertise when needed.

‍

Make It a Business Imperative

‍

Succession planning isn’t just an HR exercise—it’s a leadership responsibility. Business heads and executive committees must own the process, with clear accountability and regular reviews. Senior bankers are central to client relationships and revenue pipelines, and their transitions deserve a seat at the strategic table.

‍