The objective of this study was to find out, if Emotional Intelligence is a strategic asset for managers and employees, specifically within the banking industry of Austria. Consequently, an extensive literature review was done, the findings of the different literature sources were connected and the empirical evidence for the theoretical findings was sought. The author hypothesized that the more emotionally intelligent an employee or a manager is, the higher her/his performance will be. The two hypotheses of a positive correlation between EI and performance were supported by the results of the empirical research. However, the astonishing claims that are made about the effects of EI, which suggest that EI is four times more important than IQ for the overall success, are rather exaggerated. EI for sure contributes to the performance of employees but can only partly explain it. Both IQ and EI are necessary for an employee to prosper resp. these two aspects are important at different stages of a career. EI is especially important, from the author's point of view, in the daily adoption process towards the demand of the constantly changing (human) environment..