Which Are the Top 10 Private Banks? - Investopedia

Which Are the Top 10 Private Banks? ; JPMorgan Chase · $2.7 trillion19 ; Bank of America · $1.4 trillion23 ; Morgan Stanley · $781 billion 26 ; UBS · $1.1 trillion 29 ... PersonalFinance Banking TableofContents Expand TableofContents ThePrivateBankingTop10List RaymondJames JuliusBaer GoldmanSachs BNPParibas Citigroup JPMorganChase CreditSuisse BankofAmerica MorganStanley UBS TheBottomLine ThePrivateBankingTop10List High-net-worthindividuals (HNWIs)tendtohavemorecomplexfinancialneedsthanmostretailconsumers.Thesearepeoplewithassetsthatcaneasilybeliquidated.Whilethere'snoconsensusabouthowmuchapersonneedstoqualifyinthiscategory,it'ssafetoassumethatyou'dneedatleast$1million.CharlesSchwab,though,saysyouneedatleast$2.3milliontobecalledwealthy. Regardlessofhowmuchtheyhold,HNWIsoftenturntoprivatebankstomeettheirfinancialneeds.Thesefinancialinstitutionsoffera rangeofservices underoneroof,frominvestmentmanagementtotrustandestateplanning.Wealthyclientsaretypicallyassignedadedicatedprivatebankerorrelationshipmanager.Thisprofessionalbecomesthesinglepointofcontactforalloftheirfinancialmatters. Thisarticleanalyzesdetailsofsomeoftheworld'slargestprivatebanks.Thefollowinglistiscomprisedofthemostprominentprivatebankers,accordingtoglobalfinancialdataproviderPrivateBankerInternational.Mostofthesenamesmaysoundfamiliarastheyalsoofferbankingservicesforthegeneralpublic.Thebanksareorderedaccordingtothelist'sranking,buteachinstitution'sassetsundermanagement(AUM)areupdatedasoftheendof2020. KeyTakeaways Privatebankingcaterstohigh-net-worthindividualswithatleast$1millioninliquidassets.Manyprivatebanksalsohaveastrongconsumerandretailbankingpresenceinadditiontodivisionsthatcatertohigh-net-worthindividuals.Wealthyindividualswithlargedepositsgetwhite-gloveservicesfortheirfinancialneeds.Investmentadvice,taxes,andestateplanningareamongtheservicesofferedtotheseclients. RaymondJames AUM:$153.1billionHeadquarters:St.Petersburg,FloridaEstablished:1962 RaymondJameswasfoundedin1962byBobJamesandwentpublic,listingontheNewYorkStockExchange(NYSE)in1983. BasedinFlorida,RaymondJamesisafull-serviceinvestmentdealer.IthasoperationsinCanada,theUnitedStates,andabroad,employingmorethan8,200financialprofessionals.Thecompanyoffersawiderangeoffinancialandinvestmentservices,servingbothinstitutionalandretailinvestors,includingHNWIs. JuliusBaer AUM:$475billionHeadquarters:Zurich,SwitzerlandEstablished:1890 Althoughit'snotahouseholdname,JuliusBaerisoneoftheleadingwealthmanagementfirmsinSwitzerland.Itsfocusistoprovideadvisoryservicestoprivateclientsthroughhigh-endservices.Thefirm'sstrategyisbuiltonthreemainprinciples: Best-in-classclientexperience Asolidreputation Sustainableprofitability ThebankhasapresenceinEurope,Asia,theMiddleEast,Africa,andLatinAmerica. GoldmanSachs AUM:$2.15trillionHeadquarters:NewYorkEstablished:1869 GoldmanSachsisoneoftheworld'sleadingbankingfirms.Itprovidesarangeoffinancialservicestogovernment,corporate,retail,andinvestmentclients,including: Investmentbankingandmanagement Securities Retailbanking Thefirmalsoserviceshigh-net-worthclients.Customersaregenerallyrequiredtoinvestatleast$10milliontoopenanaccountwithitsprivatewealthmanagementdivision. BNPParibas AUM:$470billionHeadquarters:ParisEstablished:1848 BNPParibasisaninternationalbankinggroupthatwasformedinthemid-1800s.Itoperatesin68differentregionsaroundtheworldandemploysalmost194,000people.Thecompany'sservicesincludewealthmanagement,investmentservices,corporatebanking,retailbanking,paymentservices,andassetmanagement.Itboastsmorethan33millionclientsinitsglobalretailbankingoperationsandanother27millioninitspersonalfinancedivision. TheUnitedStatesandEuropearehometomostoftheworld'slargestprivatebankingoperations. Citigroup AUM:$2.26trillionHeadquarters:NewYorkEstablished:1998 CitiisanotherleadingglobalfinancialserviceinstitutionbasedinNewYork.Althoughthebank'srootsdatebacktothe1800s,theinstitution'slatestiterationwasestablishedinthelate1990s.Likeothersinthislist,Citiworkswithgovernment,corporate,institutional,andretailclientsintheAsiaPacificregion,Europe,theMiddleEast,Africa,LatinAmerica,andNorthAmerica. Inadditiontoprivatewealthmanagement,Citi'sotherdivisionsincludeconsumerbanking,smallbusinessservices,investmentmanagementandadvisement,lending,andpaymentservices,amongothers.Byprovidingclientswiththeseservices,ithelpsachieveitsgoalofeconomicgrowthandprogress. JPMorganChase AUM:$2.7trillionHeadquarters:NewYorkEstablished:2000 JPMorganwasoneofthefirstbankstotailoritsinvestmentadvicetothewealthyandwasoneofthefirstoperationstohireadedicatedchiefinvestmentofficer(CIO)foritsprivatebankingdesk.TheU.S.bankoffersanintegratedclientcoveragemodelthatcomprisesbankers,investmentprofessionals,capitaladvisors,andfiduciarymanagers.Globaloperationsspan100countries,reachingcorporate,individual,andgovernmentclients. CreditSuisse AUM:CHF1.5TrillionHeadquarters:Zurich,SwitzerlandEstablished:1856 Morethan48,000individualsworkforCreditSuisseinbothmatureandemergingmarkets.Thebankoperatesthreedifferentdivisionsthatareregionallyfocused: SwissUniversalBankInternationalWealthManagementAsiaPacific Inadditiontoitsinvestmentbankingpresence,CreditSuisse'sprivatebank'swealthmanagementservicescontinuetohelptheinstitutionwinsignificantmarketshareintheflourishingAsia-Pacificregion. BankofAmerica AUM:$1.4trillionHeadquarters:NewYorkEstablished:1930 PreviouslyknownasBankofAmericaMerrillLynch,thebanknowoperatesexclusivelyasBankofAmerica.Itoperatesbanking,investing,andwealthandassetmanagementservicesamongothers.Clientsincludepersonal,corporate,institutional,andgovernmentagencies.Ithasaglobalreachin35countries,withabout66millioncustomersintheUnitedStatesalone. MorganStanley AUM:$781billionHeadquarters:NewYorkEstablished:1931 AtMorganStanley,aprivatewealthadvisorfunctionsasthegatewaytoabroadteamofexperts,includinginvestmentbankers,capitalmarketprofessionals,andprivatebankers,whocollectivelyhandleaspectrumofneedsincludingtrustandestateplanningandinsuranceproducts.Thebankhasoperationsin41countries,whichbenefitfromitsbankingandinvestmentservices,alongwithitsresearchandtradingproducts. UBS AUM:$1.1trillionHeadquarters:Zurich,SwitzerlandEstablished:1862 UBSconsistentlyranksamongoneoftheworld'slargestprivatebanks.Thebank'sdivisionsincludeglobalwealthmanagement,corporateandconsumerbanking,assetmanagement,andinvestmentbanking.ThefirmconsolidateditsU.S.wealthmanagementunitwithits internationaloperationinanefforttobolsteritspositionastheindustryleader. TheBottomLine Demandforhighlypersonalizedbankingservicesandone-stopshoppinghasbeenaboontotheprivatebankingindustry,especiallybecauseofdemandfrompeoplewithahighnetworth.Thebanksonthislistarenotonlyamongtheworld'smostwell-known,butthey'realsotheoneswiththehighestassetsundermanagement.HeadquarteredintheU.S.andEurope,theyenjoyadisproportionateshareofthatgrowth. ArticleSources Investopediarequireswriterstouseprimarysourcestosupporttheirwork.Theseincludewhitepapers,governmentdata,originalreporting,andinterviewswithindustryexperts.Wealsoreferenceoriginalresearchfromotherreputablepublisherswhereappropriate.Youcanlearnmoreaboutthestandardswefollowinproducingaccurate,unbiasedcontentinour editorialpolicy. CharlesSchwab."2019ModernWealthSurvey."AccessedApril27,2021. PrivateBankerInternational."PrivateBankerInternationalGlobalAuMranking."AccessedApril28,2021. RaymondJames."RaymondJamesFinancialReportsFourthQuarterandFiscalYearl2020Results,"Page8.AccessedApril28,2021. RaymondJames."RaymondJamesFinancial:CompanyHistory."AccessedApril28,2021. RaymondJames."AboutRaymondJames."AccessedApril28,2021. JuliusBaer."FY2020ResultsandBusinessUpdate,"Page8.AccessedApril28,2021. JuliusBaer."AboutUs."AccessedApril28,2021. JuliusBaer."OurCompany."AccessedApril28,2021. JuliusBaer."OurLocations."AccessedApril28,2021. GoldmanSachs,"FullYearandFourthQuarter2020EarningsResults,"Page2.AccessedApril28,2021. GoldmanSachs."AboutUs."AccessedApril28,2021. GoldmanSachs."RelationshipwithGoldmanSachsPrivateWealthManagement,"Page3.AccessedApril28,2021. BNPParibas."WhatMakesUsUnique."AccessedApril28,2021. BNPParibas."BNPParibasworldwide."AccessedApril28,2021. BNPParibas."Activities."AccessedApril28,2021. Citigroup."2020AnnualReport,"Page1.AccessedApril28,2021. Citi."CountriesandJurisdictions."AccessedApril28,2021. Citi."AboutCiti-OurMission."AccessedApril28,2021. JPMorganChase."JPMorganChaseReportsFourth-Quarter2020NetIncomeof$12.1Billion($3.79perShare),or$9.9BillionExcludingCreditReserveReleasesof$2.9Billion($3.07perShare)1Full-Year2020NetIncomeof$29.1Billion($8.88perShare),"Pages1and5.AccessedApril28,2021. J.P.Morgan."AboutUs."AccessedApril28,2021. CreditSuisse."AnnualReport2020,"Page1.AccessedanddownloadedApril28,2021. CreditSuisse."CreditSuisse.OurCompany."AccessedApril28,2021. ADVRatings."BankofAmericaCorporation."AccessedApril28,2021. BankofAmerica."GlobalInsightsandSmartSolutionsThatMakeItEasiertodoBusiness."AccessedApril28,2021. BankofAmerica."CompanyOverview."AccessedApril28,2021. MorganStanley."AboutMorganStanleyInvestmentManagement."AccessedApril28,2021. MorganStanley."WeBelieveCapitalcanWorktoBenefitallofSociety."AccessedApril28,2021. MorganStanley."WhatWeDo."AccessedApril28,2021. UBS."AboutUs."AccessedApril28,2021. UBS."Whatwedo."AccessedApril28,2021. UBS."2017ReportedPBTUp32%YoYtoCHF5.4bn,"Page6.AccessedOct.5,2020. 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