The booming economy brings many new clients to the largest private banks.
Thanks to widespread expectations of a better monetary environment ahead and a US economy that refuses to slide into recession, private banks in North America have seen revenues, especially from investment banking, return to the growth trajectory of the past decade.
Against this backdrop, the industry’s assets under management received a notable boost, as did new client inflows, narrowing the race between the largest banks in the region.
However, meeting the needs of these customers has rarely been difficult. Amid heightened geopolitical risks and increasing competition from international private banks, especially in the offshore sector, wealthy clients have sought more personalized and tailored product offerings.
This has led to a boom in the family office sector, with investment data firm Preqin forecasting 21% year-on-year growth in the region.
Our winners this year have managed to stay ahead of the changing environment and allowed their customers to leverage these requirements for better, tailored solutions.
Best Private Bank: JP Morgan US Private Bank
Capitalizing on the wave of optimism surrounding the North American investment scenario in 2024, JPMorgan has strategically expanded its footprint by opening offices in major US cities such as Las Vegas, San Diego and Pittsburgh, and providing customized services in areas with large numbers of investors. High population wealth. As a result, the bank saw a notable influx of more than 5,400 new clients from Q2 2023 to Q1 2024, recording an approximately 23% increase in client assets.
Given the growing demand for more personalized services, the banking giant has also invested significantly in expanding its impressive team of private banking advisors, adding more than 300 new talents across several areas.
Best Private Bank for Sustainable Investing: Private Bank of America
As a regional leader in sustainable investing, Private Bank of America has leveraged the overall recovery in asset class investment preferences to further strengthen its position.
Against a favorable investment backdrop in the US and Canada, the private bank giant’s sustainable investment division added an impressive $4 billion in new assets, indicating strong client interest and market momentum. To achieve this number, the bank has expanded its portfolio of sustainable products, research capabilities and strategic partnerships focused on promoting sustainable finance.
Among its key new offerings, Bank of America introduced products focused on energy efficiency and carbon reduction. These products are part of the Bank’s efforts to finance and facilitate a low-carbon economy. The Bank has also remained focused and on track in its commitment to achieve net-zero greenhouse gas emissions across all its activities by 2050.
Best private banking digital solutions for clients: Citi Private Bank
To meet the increasingly complex needs of the ultra-rich, Citi Private Bank has maintained a razor-sharp focus on improving its digital capabilities, achieving best-in-class strides in the region.
This year, the bank updated its In View platform, which provides advanced financial insights, digital content and execution capabilities. The upgrade includes portfolio monitoring across multiple asset classes, detailed analytics, and streamlined transaction processes.
Citi’s digital innovation also extends to incorporating AI tools for personalized customer engagement, enhancing a seamless digital experience.
The bank also launched its flagship Citi Latitude programme. Featuring expert-led content, this educational resource provides clients with insights into financial literacy and sustainable investing.
