UBS pushed into second place; majority of private banks globally expect improved revenues in 2015.
US banks and their Swiss counterparts dominate the top rankings in Euromoney’s 12th annual Private Banking Survey, highlighting the woes of European peers, which have been forced to retreat from the global stage and reassess their cost bases.
For the first time in the survey’s history, a US bank, JPMorgan Private Bank ranks as the best global private bank, with previous winner UBS Wealth Management in second place. Two European banks left the global top 10 this year – Barclays Wealth and Santander – to make way for Goldman Sachs and Pictet.
UBS Wealth Management ranked top globally for research and asset allocation, underlining the efforts the bank has made in developing the role of its chief investment office. Goldman Sachs was voted as the top private bank for investment banking services, while Citi received the accolade for best private bank for commercial banking services.
Credit Suisse, further down the global rankings than in the previous year at third, was voted as the best private bank in the regional results for Central and Eastern Europe and the Middle East
. This year, for the first time, survey respondents were asked to vote for the best global CEO of a private bank. Phil Di Iorio was ranked number one in this category – a double win for his firm JPMorgan Private Bank.
Speaking to Euromoney about the challenges facing the industry, Di Iorio says:“Clients today are more sophisticated, so we need to know more about them. We need people who can listen and provide advice with conviction.
“In order to have credibility, an adviser has to understand the client and allow them to talk more. These are skills that the industry has not focused on and taken time to develop, so finding the right talent and training is going to be essential.”
A full interview with Di Iorio and the CEOs of the leading global private banks can be found online and in the February issue of Euromoney.
More than 400 private banks took part in the Euromoney survey globally. Alongside the rankings, some of the core findings of the survey were:
-78% of private banks around the world are expecting revenues to increase this year – particularly those banks in the US;
-The two largest concerns for the world’s private banks for 2015 are interest rate environment and ability to generate returns, and regulatory uncertainty;
-21% of global private banks will be investing in asset management as a priority this year, and 19% see technology as a priority;
-Asia is the region that the majority of banks say will their focus for expansion, followed by North America.
