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JPMorgan Chase & Co. (JPM) is aiming to double its onshore private banking business in Switzerland by 2030, following a prior doubling rate from 2020 to 2024. The firm’s Swiss private banking assets are approximately $55.6 billion as of the end of 2024, having experienced nearly 20% growth this year, driven by almost 50% in net new money.
The strategy focuses on ultra-high-net-worth (UHNW) clients with at least CHF 10 million in investable assets. JPMorgan’s head of Swiss private banking, Matteo Gianini, stated the bank intends to deepen relationships with entrepreneurs and top-tier executives by enhancing advisory capacity, aiming to grow its wealth management workforce in Zurich and Geneva by over 30% and more than double it by 2030.
This expansion is partly in response to the recent UBS-Group and Credit Suisse merger, which is causing a shift in client relationships and investment diversification, positioning JPMorgan to capture a larger share of the evolving Swiss onshore market.
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