JPMorgan Boosts Global Wealth Bet With Citi, Credit Suisse Hires
(Bloomberg) -- JPMorgan Chase & Co. recruited Citigroup Inc. and Credit Suisse Group AG executives for its private bank, bolstering an effort to win more ultra-rich clients.
Ghadeer Yusuf and Yazeed Alsubeaei joined JPMorgan's wealth unit this month in Geneva from the US bank and Swiss lender, respectively, to focus on super-rich individuals and families in the Gulf region, according to a statement Monday from the New York-based firm.
JPMorgan is boosting its private-banking offerings outside of the US as part of a strategy to increase share globally under longtime asset- and wealth-management head Mary Erdoes, who led the business to record revenue last year. Since 2021, it has hired at least a dozen private-banking executives from rivals and is targeting double-digit percentage growth in headcount across Europe, the Middle East and Africa over the next five years.
We're “really making sure we're focused on the top talent,” Tara Smyth, head of JPMorgan's private bank for the Middle East, North Africa and Turkey, said in an interview.
Saudi Arabia and the United Arab Emirates are the wealth unit's biggest growth markets in the Gulf, while it's also looking to expand its share in Turkey, Smyth said.
Yusuf worked at Citi for more than a decade, most recently as a senior private banker, while Alsubeaei held a similar role at Credit Suisse. JPMorgan also recruited Shawn Mofidi in March from Citi as a managing director for the Middle East, North Africa and Turkey.
Wall Street banks including Goldman Sachs Group Inc. are also expanding their private-banking teams, leading to fierce competition for advisers who can bring billions of dollars in client assets.
JPMorgan had 2,798 advisers globally in its private bank at the end of March, a 14% increase from a year earlier. The unit's revenue rose 5.8% to $2 billion in the first quarter, while assets under management climbed 13% to $1.9 trillion.
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