Private Banking and Wealth Management Survey 2015: US leaders march on Swiss banks’ global territory

The playing field in private banking has levelled out and the US banks committed to a global business now compete on even terms with the Swiss. From here on it will be technology and superior asset allocation advice that determine the winners.

      Results index
      Full results

Private banking, forever synonymous with Switzerland, may just have passed a turning point.  Technology, regulation, globalization, the move away from secrecy to investment advice, and need for scale have resulted in the playing field being levelled on a global stage for those who want it. In  Euromoney’s 12th private banking survey, a US bank tops the ranking for the first time. JPMorgan Private Bank is voted for by thousands of peers in the industry as the world’s best global private bank, beating Swiss stalwarts UBS and Credit Suisse.

It has been a slow transition for the US banks to embrace wealth management globally. Other than Citi, most have focused more on investment banking globally, and wealth management domestically. And those US banks that did embrace wealth management globally early on have...