JPMorgan Private Bank’s business may not be as large as some of its peers, but when it comes to working with ultra high net worth individuals,the bank’s offerings are second to none.
Over the past year, the US bank took full advantage of two things to keep its private banking business firing on all cylinders: technology and its global business model.
On the technology front, JPMorgan was quick off the bat to move people to a work-from-home model in Asia early last year, having learnt lessons from its experience in Hong Kong during the protest movement when parts of the city were shut off.
On top of that, the fact that it has bankers around the globe paid off during the pandemic. At a time when travel had pretty much come to a halt, JPMorgan was still able to deepen its relationships with many private banking clients by connecting them to its bankers on the ground.
So much so that senior bankers at the firm say the number of meetings held with private banking clients last year was unparalleled, helping the firm to cement its standing further with the wealthy.
JPMorgan