The U.S. banking titan has already doubled its Swiss private-banking business—and wants to do it again by 2030, capitalizing on a post–Credit Suisse reshuffle.
JPMorgan is accelerating its push into one of the world’s most lucrative wealth markets, revealing that it has doubled its Swiss domestic private-banking business since 2020 and plans to repeat that feat by 2030. The strategy is clear: capture the country’s ultra-high-net-worth clients at a time when trust in local champions is still recovering from UBS’s takeover of Credit Suisse.
“Our ambition is to be the premier international bank in Switzerland—with a particularly strong footprint among the ultra-wealthy,” Matteo Gianini, head of Swiss private banking at JPMorgan, told Market Insider. While he did not give updated asset totals, the bank managed $55.6 billion in Swiss private-banking assets at the end of 2024, most of it from domestic clients. Assets under management have grown about 15% per year, with 2025 marking the strongest year on record: client assets surged nearly 20%, and more than half of the increase came from net new money alone.
That performance far outpaces the broader industry outlook. Boston Consulting Group expects onshore Swiss wealth—among clients with at least 20 million Swiss francs ($25 million)—to grow only 3.9% annually through 2029. JPMorgan’s typical client already meets or nears that threshold, holding at least 10 million francs in investable assets, positioning the bank to seize market share as Swiss families diversify across institutions in the wake of the Credit Suisse collapse.
JPMorgan is also leaning heavily on technology as a differentiator. The bank now invests more than $18 billion per year globally in tech and cybersecurity, according to Swiss investment chief Diane Debiais—an arms race that European private banks may struggle to match. To support its expansion, JPMorgan has increased staff in Zurich and Geneva by 30% this year and plans to more than double its Swiss headcount by 2030.
The message for global investors is unmistakable: as Switzerland’s once-stable banking landscape undergoes seismic change, the country’s wealthiest are reassessing where they place their trust. JPMorgan sees this as a once-in-a-generation opening—and is spending aggressively to seize it.
