JP Morgan has doubled the growth of its Swiss private banking between 2020 and 2024 and set a target to repeat this expansion by 2030, reported Reuters.
The US investment bank aims to achieve this target by focusing on Switzerland’s wealthiest individuals, a senior executive of the company told the news agency.
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JP Morgan managed $55.6bn in Swiss private banking assets at the end of last year, with a significant portion sourced from domestic clients.
In recent years, the company’s assets under management have increased by about 15% a year, driven by new money inflows and rising financial markets.
In this year alone, client assets at JP Morgan surged by nearly 20%, with more than half of this driven by net new money.
JP Morgan is investing substantially in cybersecurity and technology, allocating more than $18bn globally each year, said JP Morgan Swiss investment chief Diane Debiais.
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By GlobalDataThe bank expanded its presence in Zurich and Geneva, increasing staff numbers by 30% this year and is planning to raise headcount by 2030.
JPMorgan Swiss private banking head Matteo Gianini told Reuters: “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.
“2025 has been the best year ever in terms of growth and also in terms of net new money.”
Last month, JP Morgan Private Bank outlined the effects of artificial intelligence (AI), global fragmentation and inflation on investment strategies in its 2026 Global Investment Outlook, titled Promise and Pressure.
The report identified AI as a major driver of industry transformation, cost reduction and productivity growth.
