JPMorgan Doubles Swiss Private Banking - Targets Further Growth

Between 2020 and 2024, JPMorgan witnessed a remarkable surge in its Swiss domestic private banking division, effectively doubling its business within just four years. The bank now intends to replicate this momentum by 2030, sharpening its focus on Switzerland’s most affluent clients and consolidating its position in one of the world’s most competitive wealth hubs.

Strong Asset Growth Driven by New Money

In recent years, assets under management have expanded at an average annual rate of roughly 15%, fuelled by robust inflows of fresh client money and supportive market performance. The year 2025 proved especially strong, with client assets soaring nearly 20%, and more than half of that increase coming from net new funds alone.

"Our ambition as a firm is to be the premier international bank in Switzerland, and yes, with a strong footprint in the ultra-high-net-worth space," said Matteo Gianini, JPMorgan's head of Swiss private banking.

Gianini did not disclose exact figures, but JPMorgan managed $55.6 billion in Swiss private banking assets at the end of 2024, much of it from domestic clients.

Ambition to Outperform Industry Trends

JPMorgan is determined to sustain its rapid growth trajectory and achieve results that surpass the broader industry outlook. This effort comes amid a more subdued forecast from Boston Consulting Group, which anticipates that Swiss onshore wealth for clients with at least 20 million Swiss francs in investable assets will grow at a modest 3.9% annually through 2029.

"2025 has been the best year ever in terms of growth and also in terms of net new money," Gianini noted.

Focus on High-Net-Worth Clientele

The bank continues to channel its expertise toward ultra-wealthy clients, with its typical customer maintaining a minimum of 10 million Swiss francs in investable assets. This selective focus allows JPMorgan to tailor its services to the needs of sophisticated investors seeking global diversification and strategic wealth planning.

Major Investments in Technology and Security

JPMorgan is reinforcing its operational strength with significant investments in technology and cybersecurity. According to Diane Debiais, the bank’s Swiss investment chief, more than $18 billion is being allocated annually to technological advancements worldwide, underscoring the institution’s commitment to secure, cutting-edge banking solutions.

Opportunity Amid Market Consolidation

The consolidation of UBS and Credit Suisse in 2023 triggered a wave of client diversification across various banks, as wealthy individuals opted to spread their assets more strategically. JPMorgan views this shift as a valuable opportunity to attract new clients who are seeking stability, choice, and a broader range of advisory options.

Expanding Workforce to Meet Future Growth

To support its ambitious expansion, the bank has increased staffing levels in Zurich and Geneva by 30% this year alone. Looking ahead, JPMorgan plans to more than double its Swiss headcount by 2030, ensuring it has the expertise and capacity to meet the evolving expectations of high-net-worth clients in the region.