JPMorgan reached an agreement with Bradesco at the start of September to refer its onshore private banking business to the Brazilian bank.
The referral agreement is the final piece in the withdrawal of JPMorgan’s ambitions for an onshore private banking business in Brazil and should see Bradesco add about R$20 billion ($3.78 billion) to its domestic AUM.
Augusto Miranda, head of Bradesco’s private bank since February 2019, says he expects JPMorgan’s local Brazilian private banking team to join the bank – 14 private bankers in total.
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