JPMorgan Private Bank clients enjoy the best of both worlds: an intimate relationship with a US lender that is allied to the power of a genuinely global financial leader. It is led by Mary Callahan Erdoes.
The bank’s asset and wealth management team posted net income of $1.21 billion in the fourth quarter of 2023, up 7% year on year, on net revenues of $5 billion, and full-year net income of $5.2 billion. Assets under management at the end of 2023 were $5.4 trillion, with client assets of $5 trillion, both numbers up 24% on an annualized basis, driven by strong net inflows and rising markets.
The global private bank also posted record revenues of $8.9 billion in 2022.
JPMorgan Private Bank’s strength goes far beyond mere numbers though. This marks the third year in a row it has won the biggest award of all in Euromoney’s private banking accreditation programmes, and for good reason. Many of its peers either are not truly globe-spanning private banks with booking centres scattered across multiple continents – or have been side-tracked by structural challenges.
Meanwhile, the good ship JPMorgan sails on.
It does this by steadily building its client base and by adding headcount judiciously: in the first three quarters of last year, the private bank hired 306 new client advisers, taking its total to 3,443. It also added more than 5,400 net new clients in the nine months through September 2023, bringing the total world-wide to 79,000.
JPMorgan Private Bank is strong wherever you look. It has won a string of awards again this year, including those for the world’s best private bank for digital solutions, for next-gen, and for philanthropic advisory. It was voted by our expert panel of judges, overseen editorially by Euromoney, as the best international private bank in the Nordics region, the best regional private bank in North America, and Western Europe’s best international private bank. And it won a host of country-level awards in the likes of Hong Kong, Sweden, Singapore and the US.
JPMorgan Private Bank boasts strong capabilities, with a high-quality platform that offers best-in-class services across its client base in the US and to UHNWs internationally
This success, hard-won against stiff competition, is well deserved. The private bank’s ‘PB-IQ’ ecosystem, a set of 10 tools that matches customer information to the correct person across multiple sources, which helps client advisers develop and deepen relationships with customers, underscores the strength of its digital offering.
‘JPMorgan Future Leaders Exchange’, an annual programme that focuses on a broad range of topics, demonstrates its commitment to serving the next generation of wealthy clients and families. It teaches the next-gen hard financial skills such as multi-asset investing, leverage and structuring, and works to hone their leadership skills.
The US lender disbursed $412 million directly to philanthropic causes in 2023, most of it assigned to developing communities and to fostering entrepreneurs. It is constantly seeking new ways to allocate capital to worthy ideas and causes. A new, €3.5 million fund, the Alliance for Gender Equality in Europe, supports economic inclusion for women.
The judging panel was unanimous in its praise for JPMorgan as the repeat winner of the award for the world’s best private bank. The wealth management firm boasts “strong capabilities” across the wealth spectrum, with a “high-quality platform that offers best-in-class services across their client base in the US and to ultra-high net-worth clients internationally”, they said.
The panel also recognised its “commitment to excellence” across the full spectrum of private wealth services, “reflecting its status as a leader in private banking and wealth management”.
JPMorgan Private Bank, they added, “continues to set the standard for value offerings within the realm of private banks”.