Butler Snow’s Adam G. Smith was recently quoted in the Nashville Business Journal’s article Nashville’s banking talent wars favor experience over potential, but at a cost commenting on the current sparse employment landscape in Nashville for young banking professionals:
Young bankers need not apply.
That’s the message from many of Nashville’s banks to young professionals looking to work their way up the city’s corporate ladder.
The talent wars in Music City’s banking industry in recent years have favored experience over potential. You might call it the “Terry Turner effect,” with the Pinnacle Financial Partners CEO leading the way as one of the most aggressive at recruiting away bankers from his competitors.
As a result, Nashville banks are not investing nearly as much in grooming young talent as they once did. That lack of rising talent comes at the same time most local bank chiefs are nearing retirement age.
“We have our heads in the sand,” said Adam Smith, a banking attorney with Butler Snow. “If you don’t have a succession plan for your management to turn the bank over to when your [current] management team ages out, I don’t know what other plan you could have than, ‘We’re going to sell the institution.’”
Ultimately, if the next generation of leaders isn’t rising in the ranks here, they’re likely to come from elsewhere. That means businesses in Nashville looking to borrow money may have to deal with out-of-town decision makers, potentially making credit less accessible.