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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.
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