JPMorgan doubles Swiss business by targeting wealthy clients

By Oliver Hirt

ZURICH, Dec 1 (Reuters) - JPMorgan doubled its Swiss domestic private banking business between 2020 and 2024 and aims to do so again by 2030 as it targets the country's wealthiest people, a senior executive at the U.S. bank said.

"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," Matteo Gianini, JPMorgan's head of Swiss private banking, told Reuters.

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.

Assets under management have grown about 15% annually in recent years, driven by new money inflows and rising markets. In 2025 alone, client assets surged nearly 20%, more than half from net new money.

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

JPMorgan aims to maintain its pace of growth and outpace the broader trend in the industry.

Boston Consulting Group expects Swiss onshore wealth management for clients with total investable wealth of at least 20 million Swiss francs ($25 million) to grow by just 3.9% annually through 2029.

JPMorgan's clients typically hold at least 10 million francs in investable assets.

The bank is also investing heavily in technology and cybersecurity, allocating over $18 billion worldwide annually in technology, JPMorgan's Swiss investment chief Diane Debiais said.

Following UBS's takeover of Credit Suisse in 2023, many clients have been seeking to diversify across banks — a trend that JPMorgan hopes to capitalize on.

To support expansion, the bank has boosted staff in Zurich and Geneva by 30% this year and plans to more than double headcount by 2030.

($1 = 0.8023 Swiss francs)

(Reporting by Oliver Hirt; Editing by Emelia Sithole-Matarise)