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LATEST ARTICLES
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As mandated real-time payments loom, Europe’s banks and other payment providers must look at modernising legacy infrastructure.
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Corporates’ longstanding complaint on banks’ payments offerings is that they don’t know what they are being charged for but suspect it is too much. Airwallex now provides an alternative at global scale.
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BBVA could have bought Banco Sabadell much more cheaply in 2020. Sabadell’s CEO César González-Bueno has since turned his bank around. But BBVA’s return to the negotiating table comes at a time when European banking may be moving to a new and more confident phase.
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Exactly one year ago, San Francisco-based First Republic Bank was sold by regulators amid a US regional banking crisis. Citizens Financial Group, which had seen the sale as a chance to turbocharge its private banking ambitions, lost out to JPMorgan. But far from being the end of the story, that failed bid was just the beginning. Within weeks the bank had announced First Republic’s Susan deTray as the head of its new private bank, a unit that is now at the heart of a fast-growing wealth franchise.
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Restructuring HSBC, like painting the Forth bridge, is a never-ending job. While Noel Quinn has done well, the board must not make another ham-fisted transition.
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A lack of consensus on whether recent under-performance of Asian currencies will impact China’s willingness to let its own currency weaken is leading to disparate views on near-term valuations.
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Recently rebranded and expanded, Wealth at Work is Citi’s most dynamic generator of wealth revenues. Its leader, Naz Vahid, sits down in New York with Euromoney to explain her vision for its future.
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As banks focus more on climate adaptation across their businesses, are they conceding that mitigation efforts are futile?
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The body responsible for settling about $6.5 trillion of global daily FX trades has decided against extending its deadlines to accommodate non-US participants who still want to use its next-day settlement service. But it expects the impact to be limited – far too limited to justify the complexity that a change would impose on its members.
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The two European banks are both trying to de-emphasise their investment banks and want to build up areas where they see weakness. Barclays is later to this party than Deutsche, but both will have found encouragement in the first three months of 2024.
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Direct lenders to risky borrowers take comfort from their seniority in the creditor hierarchy. But stressed borrowers could jeopardise this as they struggle to attract new funding.
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The Brazilian neobank is growing its number of clients faster than perhaps any financial institution on earth. Combine this with static unit costs and the operational leverage potential is big. CFO Guilherme Lago explains how its business model is now focused on the next five to 10 years as open banking generates unprecedented price transparency, customer portability and opportunity.
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A private credit market growing so fast, away from the oversight of bank regulators, may be a new source of systemic risk. With smaller investors taking greater exposure to an asset class whose high returns and low losses look almost too good to be true, there could be trouble ahead.
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Junior bankers should relax about the threat to their jobs from AI and lean into opportunities to bluff their way to Wall Street glory.
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Quarterly survey reveals that UK finance professionals may be feeling more upbeat about prospects, but that this is yet to translate into a willingness to take greater risk onto balance sheets.
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A move back up in rates is creating a PR battle among Wall Street banks. JPMorgan was punished for a cautious outlook, Goldman Sachs promoted strong fixed income trading results and Bank of America projected a Zen approach to rate moves.
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UK fintechs attracted more investment than all European rivals combined in a tough funding market last year, but a broken IPO market leaves them with nowhere to go.
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China’s Project Whitelist, launched at the start of the year, exists to ensure bank funding for property development. But it is there to protect projects, not the developers behind them.
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Rumours that FAB is in exploratory talks with a Turkish lender, together with hopes for a big-ticket IPO, point to optimism despite the dire outlook on inflation.
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Previous changes of policy direction have left analysts undecided on whether to attribute recent sharp corrections to the renminbi reference rate to accident or design – or even a combination of the two.
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The EU’s Instant Payments Regulation may have fired the starting gun on real-time payments in Europe, but many banks remain stuck in the blocks.
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Does Banco Galicia’s acquisition of HSBC Argentina validate president Javier Milei or weaken him?
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The Singapore lender is looking to India in search of new business and growth opportunities, its chief executive Piyush Gupta tells Euromoney. Long term, it aims to emulate onshore the country’s best private-sector lenders, HDFC and Kotak Mahindra.
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Isbank’s chief executive Hakan Aran sees embedded finance and an innovative approach to bank branches as the future as the Turkish bank looks to rebuild on a better market environment for its 100-year anniversary.
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The Korean banking sector faces many obstacles, but a single, powerful catalyst is driving change.
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From fast fashion to electric vehicles, Chinese firms are grabbing customers and market share. Meanwhile, the nation’s banks are stuck at home, propping up troubled developers and local governments. It’s an anomalous situation that will benefit the foreign banks.
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The good news is that bank executives don’t see big loan losses ahead; the bad news is that they lack the confidence and vision to invest in the business.
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XP has succeeded in Brazil by using its technological efficiencies to win on digital experience and price. But now the incumbents are catching up and XP chief executive Thiago Maffra is focusing on developing service beyond pure online delivery.
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The Greek bailout fund’s exit from Piraeus Bank last month was the country’s biggest post-crisis privatization. The bank’s chief executive, Christos Megalou, tells Euromoney that this is more than a capital-return story. It’s also about growth: in the economy, in wealth and asset management, and, thanks to neobank Snappi, internationally.
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President Javier Milei campaigned on cuts – and that is what he has delivered. But like all extreme diets, the approach is unsustainable. Time to rethink the plan.
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After a decade of restructuring, EFG International ramped up hiring last year – above all from Credit Suisse. Chief executive Giorgio Pradelli talks about the firm’s scope to lead a wave of Swiss-bank consolidation, while doubling down on new wealth from the Middle East and Asia.
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The paradox of Itaú is that it has maintained its leadership of Brazil’s banking sector with an ease and assuredness in recent years that belies the radical and continual transformation going on under the surface. The bank’s CFO, Alexsandro Broedel, tells Euromoney that its management’s only real constant is to view every new player as an existential threat – and react accordingly.
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There almost certainly won’t be a Truss/Kwarteng-style meltdown in the US Treasury market – just persistent inflation, high rates, volatility and likely some form of monetary financing.
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BDO Private Bank wins the award as the Philippines’ best domestic private bank for the quality and range of expertise and services it provides to high net-worth individuals, families and entrepreneurs.
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Credit Suisse’s domestic bank was arguably the failed group’s best and strongest division. One year after the rescue, UBS is not the only one trying to feast on its domestic wealth-management and corporate-banking leftovers. Other Swiss and international players also hope to benefit from the longer-term fallout in Switzerland. Will the rush to pick up the remnants of the fallen champion pay off?
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The decision by the US SEC to drop mandatory Scope 3 reporting weakens global emissions reporting standards. However, many corporate issuers are already using Scope 3 performance targets on sustainability-linked transactions for non-regulatory reasons. Are the debt and equities markets leading companies onto ESG ground upon which regulators fear to tread?
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Stock market reform has not only revitalized the country's capital markets but has also permeated the real economy. Countries like Korea are quickly following suit. Interestingly, China also seems to be drawing inspiration.
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For its impressive commitment to this issue in the country, DBS wins the award for Taiwan’s best for sustainability.
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DBS wins the award for Taiwan’s best international private bank in recognition of the quality of its services and its leading market position in the country.
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Julius Baer wins this award for the investment the firm is making in this core Asian market, as well as the global expertise it offers Indian clients.
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UOB Private Bank wins the award as the only foreign private bank operating onshore in Malaysia.
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UOB Private Bank wins this award for its commitment to and investment in supporting next generation clients.
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DBS wins the award for Singapore’s best domestic private bank for the second consecutive year in recognition of its regional expertise, as well as the strength and sophistication of its wealth management offering.
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DBS wins the award for its strength and innovative leadership in serving family office clients in Singapore.
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DBS wins the award for its expertise in succession planning.
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DBS wins this award for the strength and sophistication of its digital solutions.
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DBS wins this award for best international private bank in Hong Kong in recognition of the quality and breadth of its services and its distinctive regional expertise.
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Euromoney Private Banking Awards: Hong Kong’s best for family-office services: JPMorgan Private BankJPMorgan Private Bank wins the family office award thanks to the quality and range of products, services and advice it provides wealthy Asian families.
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Euromoney Private Banking Awards: Hong Kong’s best for philanthropic advisory: JPMorgan Private BankJPMorgan Private Bank wins this award in recognition of its expertise and global connectivity in philanthropic advisory and services.
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Julius Baer wins the award for Singapore’s best for high net-worth clients in recognition of the impressive range of expertise and capabilities it offers this key client segment.
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Euromoney Private Banking Awards: Singapore’s best international private bank: JPMorgan Private BankJPMorgan Private Bank wins the international private bank award for the power, range and expertise of its cross-business capabilities.
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EFG Bank wins the award for its differentiated private-banking offering.
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Global money is flooding into India to profit from high-performing stocks, a booming economy, and the ease of investing via Gift City, a growing financial hub in Gujarat. Local wealth is flowing the other way, notably to Dubai. It’s a gold mine for private banks, and the process has only just begun.
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Norwegian wealth manager Formue has been growing revenues and assets since opening in 2000. It has done this by financially educating people who never gave much thought to wealth planning and by getting people to like it.
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BNP Paribas Wealth Management shows “a strong dedication to enhancing the client experience through digital means, innovation and research”, according to the judging panel for this year’s private banking awards.
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LGT Private Banking is the private bank of the Princely House of Liechtenstein. Founded in 1920, it operates according to the same values and convictions that have guided the building and managing of its owner’s family assets for almost 900 years, across 26 generations: thinking and acting entrepreneurially; a long-term focus; openness to new developments and technologies; and a disciplined approach to risk and resources.
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The banks in each market that have excelled across a range of core private banking activities during the past 12 months.
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The wealth-management divisions of national-champion universal banks have won most of the regional private banking awards in Western Europe. But Lombard Odier offers a powerful reminder of the capabilities of a pure-play private bank, owned by its managing partners who follow a business model solely focused on managing their clients’ assets.
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BNP Paribas Wealth Management’s philanthropy solutions have been a noteworthy part of its wider positive impact offering since 2008. The firm aims to provide clients, free of charge, with proposals that fit each step of their philanthropic journey.
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Deutsche Bank Private Bank is building a focus on the most challenging customer segment of all: ultra-high net-worth individuals and family offices.
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BNP Paribas Wealth Management has been named Western Europe's best private bank for sustainability this year. One of the many factors supporting this decision is the banks’ ability to embed sustainability into all its product and services by prioritising portfolio assessment and the upskilling of its bankers.
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BNP Paribas has been relentlessly fine-tuning its secondary equities business in Europe for more than a decade. While the primary focus has been on reaching an affordable offering for institutional investor customers of its markets business, clients of the wealth-management business are now also benefiting.
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Caixabank Private Banking wins the award for best domestic private bank in Spain this year having demonstrated strong performance and launched important enhancements in many sectors.
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Few manage to do discretionary portfolio management better than Julius Baer today. The largest pure-play private bank by assets under management has been busy during its latest strategic cycle, which runs for three years through 2025.
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BNP Paribas Wealth Management operates across 17 countries, serving a client base of entrepreneurs, family offices and high net-worth individuals.
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JPMorgan has been making a strong push in private banking in Europe, the Middle East and Africa over the past three years, substantially growing its numbers of advisers and clients, opening offices from Athens and Brussels to Copenhagen and Manchester, while taking advantage of its big technology budget to invest in new capabilities.
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Societe Generale Private Banking, the wealth-management arm of Societe Generale, is a worldwide private bank with a strong European base. It had €140 billion of assets under management at the end of September 2023.
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In its home market, Deutsche Bank has expanded its leadership with high net-worth (HNW) customers, as well as with the ultra-high net-worth (UHNW) clients that are becoming a core focus in Germany, Europe and cross the globe.
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Serving the next generation of wealthy individuals and family members is at the heart of everything Julius Baer does. The Swiss pure-play wealth manager is cognisant of the vast amount of wealth in the process of being handed from one set of family hands to the next; it sees this segment as a key vehicle for it to, in its words, “live out [its] purpose” and “create value beyond wealth”.
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At a time when geopolitical and macroeconomic turmoil are more bewildering than ever, the need for the guiding hand of a thoughtful investment research and strategy operation is greater than ever for private-banking clients.
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RBC’s global asset-management business underpins its wealth-management offering, and its already dominant position in the Canadian market is increasingly being complemented by a strong showing in the US, as well as other regions around the world.
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JPMorgan Private Bank has unveiled a host of new services in recent years, targeting key clients across North America, as well as world-wide.
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JPMorgan’s wealth management business headed into the coronavirus pandemic with considerable momentum in high and ultra-high net-worth clients. It had only recently founded 23 Wall, a team to advise the biggest and wealthiest families on how to think strategically about the whole panoply of their private assets – everything from companies and property to sports teams and art.
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If JPMorgan Private Bank has one objective, it is to provide to clients that magic combination of an institution with the power of a global financial leader and the intimacy of a private-banking relationship. It is led by Mary Callahan Erdoes.
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At the heart of Goldman Sachs’s approach to discretionary portfolio management is the belief that all the bank’s institutional clients ought to have access to the kind of expertise and strategies that historically might only have been accessible to the very biggest.
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The very best franchises serving family offices must get one thing right above all else: they must be able to deliver a customized offering that is sensitive to the particular needs of any client. The larger the institution, the more services it can deploy to do this, but the higher the risk of a cookie-cutter approach to clients, requiring them to adapt to the service provider rather than the other way around.
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Key to succession planning is having a team with that critical combination of technical expertise in the relevant fields of estate and trust planning, but also a history of advising the wealthiest families in approaches that can then be successfully deployed and tailored in the service of new clients who might have similar characteristics.
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UBS’s wealth-management business had already seen enviable performance over the 10 years since it set itself the ambition of being the world’s leading global wealth manager in 2012. But, with the acquisition of Credit Suisse, the last 12 months have seen it take another step forward.
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The banks in each market that have excelled across a range of core private banking activities during the past 12 months.
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The best private banking franchises today must do much more than simply preserve and grow wealth. They must also enable their clients to share that wealth to meet all manner of broader goals, whether traditionally philanthropic or through the more modern lens of social impact.
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Once again, Morgan Stanley takes the award for best private bank for sustainability in North America this year. The bank shows consistent leadership in this space with its Investing with Impact platform that now boasts over 300 financial products and accounted for $69 billion in client assets, as of September 2023.
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Most high net-worth (HNW) individuals in the US plan to pass on their wealth to their children, but according to Bank of America Private Bank, fewer than half are confident that the next generation will make responsible decisions with their inheritance.
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The banks in each market that have excelled across a range of core private banking activities during the past 12 months.
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Carnegie Private Banking is this year’s winner for best bank for ultra-high net-worth individuals in the Nordics and Baltics.
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The award for the best international private bank in the Nordics and Baltics goes to JPMorgan Private Bank this year. Among other things, the US lender impressed the judging panel with the philanthropic commitments it has facilitated for clients in the region.
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Nowadays, wealthy investors are not only looking for further insights and analytical expertise to guide them through uncertain markets but also for the ability to integrate non-financial preferences into their decision-making.
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For its mix of global capability with local expertise and philanthropic efforts, JPMorgan wins the award for Sweden’s best international private bank.
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Sustainability principles are embedded across all the private banking products and services offered by Formue, the Nordics and Baltics’ best private bank for sustainability this year.
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Carnegie Private Banking wins the Sweden’s best domestic private bank award for the second consecutive year for the growth, investment and development it has made across its private banking business.
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Amid strong competition between the region’s leading private lenders, Carnegie Private Banking is the judging panel’s choice for best private bank in the Nordics and Baltics this year. The bank has also been recognized in three other categories: family office services, investment research and ultra-high net-worth individuals.