Why are JPM/GS considered the best in private banking?
Compared to Citi or Bofa for example, what makes those two stand out as better? Is it the services they provide, customer experience, accessibility, number of connections they have, comp or competence of each banker? And I read although WM doesn't typically do good in b school placement, JPM PB actually is seen as a good experience and places well. Just wondering why and how they differ as better
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Service, access, leadership
Can you elaborate a little more please?
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These banks are first and foremost Investment Banks. UBS in the other hand is a Wealth Management bulge bracket firm that also does Investment Banking. The others, are the other way around.
That doesn't explain why JPM/GS are the best though
What does best mean? in the US? UBS is the worlds largest AUM firm. GS and JPM has a good presence in the US but that's not the case everywhere else. Most folk when thinking of JPM or GS think of investment banking, not wealth management.
JPM was a pioneer in US private banking. Was one of the 1st to have a dedicated CIO specifically for private banking. I guess they took it rlly srsly right from the start and had the foresight to see the pros of the private banking/ WM business (unlike GS for example which focused rlly heavily on IBD and trading in the good old days and now have to play catch up in their investment management businesses in this chaotic, high-interest environment to entice investors to attach a higher valuation to the stock). Not sure if JPM and GS are the most used private banks in Switzerland tho - I can easily imagine a Swiss old fat billionaire picking a UBS/ Julius Baer over a JPM
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