A booming economy brings many new clients to the largest private banks.
Buoyed by widespread expectations of a better monetary environment ahead and a US economy that refuses to fall into recession, North American private banks saw proceeds, particularly 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 customer inflows, tightening the race between the region’s largest banks.
Despite that, catering to these clients’ needs has seldom been as challenging. Amid increasing geopolitical risks and growing competition from international private banks, particularly in the offshore segment, ultrawealthy customers have sought more-individualized, tailor-made product offerings.
This has prompted a boom in the family offices segment, with investment-data company Preqin calculating a 21% year-on-year growth in the region.
Our winners from this year have managed to stay ahead of the shifting environment and allowed their customers to leverage these demands to better, tailor-made solutions.
Best Private Bank: J.P. Morgan US Private Bank
Riding the wave of optimism surrounding the North American investment scenario in 2024, J.P. Morgan strategically expanded its footprint by opening offices in key US cities such as Las Vegas, San Diego, and Pittsburgh, providing tailored services in areas with significant high net worth populations. As a result, the bank saw a remarkable inflow of over 5,400 net new clients from the second quarter of 2023 to the first quarter of 2024, recording an approximate 23% increase in client assets.
In view of growing demand for more-personalized services, the banking giant also invested heavily in expanding its impressive team of Private Bank advisers, adding more than 300 new talents in several areas.
Best Private Bank For Sustainable Investing: Bank Of America Private Bank
As the regional leader in sustainable investing, Bank of America Private Bank leveraged the overall rebound in investment preferences in the asset class to strengthen its position even further.
With a favorable investment backdrop in the US and Canada, the behemoth private bank’s sustainable investing division added an astonishing $4 billion in new assets, indicating strong client interest and market traction. To achieve this number, the bank expanded its suite of sustainable products, research capabilities, and strategic partnerships focused on promoting sustainable finance.
Among its main new offerings, Bank of America introduced products focusing 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 maintained its focus and is well on track with its commitment to achieving net-zero greenhouse gas emissions in all its activities by 2050.
Best Private Bank Digital Solutions For Clients: Citi Private Bank
To cater to the increasingly complex needs of the ultrarich, Citi Private Bank has maintained a laser-sharp focus on improving its digital capabilities, with best-in-class strides in the area.
This year, the bank upgraded its In View platform, which offers 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 integrating AI tools for personalized client engagement, reinforcing a seamless digital experience.
The bank also launched its flagship Citi Latitude program. This educational resource, which features expert-led content, provides clients with insights on financial literacy and sustainable investing.
