Here, Matteo Gianini discusses J.P. Morgan’s growth ambitions in Switzerland, the battle for talent, and the expectations of the younger generations amongst high-net-worth clients, and explains why artificial intelligence is transforming private banking more rapidly than the personal computer did in its day.
J.P. Morgan has set itself ambitious targets. The bank aims to double its business in the UHNWI segment by 2030. How far along are you with that today?
We have already demonstrated our ability to achieve ambitious targets. When we set out our previous five-year strategic plan in 2020, we were already aiming to double our business, and we even achieved that target ahead of schedule. That is why we have set ourselves new growth targets for 2030.
Since the launch of this new plan in 2023, our revenue has been growing at a compound annual growth rate of nearly 20 per cent, whilst assets under management have grown by 23 per cent. This momentum is particularly strong.
How do you explain this growth?
Several factors are contributing to this. Firstly, Switzerland remains an extremely attractive market for wealth management, with annual wealth growth of between 4 per cent and 5 per cent. Secondly, the country continues to attract high-net-worth international families. Thirdly, we have been steadily gaining market share. In the UHNWI segment, we now hold around 5 per cent of the market. Our objective is clear: we want to establish ourselves as a genuine challenger to the long-established institutions and continue to grow.
Strengthening our teams has also played a key role in this growth. Our ambition was not only to double our business, but also to expand our team of advisers and recruit top-calibre talent.
What does J.P. Morgan offer its clients that other players do not?
I am convinced that the future belongs neither to global platforms nor to specialist boutiques. Clients need both. They require in-depth expertise to meet specific needs, but also the strength of an institution with genuine global reach.
This is precisely what we offer our clients in Switzerland. They benefit from both global expertise and a thorough understanding of local nuances. Our bankers are firmly rooted in their local communities, yet they are able to draw on the Group’s expertise anywhere in the world. In my view, this combination of local proximity and global reach is a considerable advantage.
How important are technology and artificial intelligence in this evolution?
It is essential. The pace of technological innovation is now much faster than it used to be. It took around ten years for the personal computer to become widely adopted. Artificial intelligence may only need a few years.
We therefore need staff who can adapt quickly to these new technologies. The younger generations have a completely natural ease with this.
How is J.P. Morgan investing in artificial intelligence?
J.P. Morgan spends around $20 billion on technology every year. A portion of these investments is, naturally, directed towards artificial intelligence. We have developed our own LLM model and are also investing heavily in cybersecurity.
Nowadays, a solid balance sheet is no longer enough. Clients expect much more. They also want a first-class technological infrastructure and the highest standards of security.
In practical terms, how is AI transforming private banking?
AI will significantly improve the quality of our work. Many administrative and repetitive tasks can be automated, allowing our advisers to devote more time to their clients.
However, there is one thing that will never be replaced by AI: trust. Private banking is built on emotional intelligence, empathy and the quality of human relationships.
At the same time, AI is already profoundly transforming our daily lives. Every morning, when I switch on my computer, I automatically receive a summary of the key events of the past 48 hours, tailored to our market outlook and my clients’ areas of interest.
Without AI, it would be virtually impossible to produce such a summary so quickly.
Do you personally use tools such as ChatGPT?
Of course. Today, it is possible to access information and understand complex issues in a matter of seconds. AI makes us all more effective and efficient. That’s why the role of the banker is also evolving. In future, technical knowledge alone will no longer be enough. The key qualities will be empathy, emotional intelligence and the ability to build a relationship of trust.
To what extent is the new generation of high-net-worth clients changing?
Enormously. This new generation makes decisions more quickly, has a much more digital approach to financial services and expects round-the-clock access to information. They want to be able to interact with their bank flexibly, on their own terms. When a face-to-face meeting isn’t possible, they want to be able to find the information they need online, at a time that suits them. This requires cutting-edge technology as well as an infrastructure capable of adapting with great agility.
Is the investment behaviour of young clients changing too?
Yes. Younger generations are much more interested in long-term investments, particularly private equity and infrastructure. Today, the most promising technology companies often remain in the private sector for longer to secure their funding. Investors wishing to support their growth must therefore be able to access markets such as private equity or private debt. Young clients also see strong potential in infrastructure, whether in energy, data centres or infrastructure dedicated to artificial intelligence.
Is infrastructure now one of the major themes in private banking?
Absolutely. Infrastructure is a long-term megatrend. It is no longer just about roads or railways, but also energy supply, data centres and digital infrastructure. Without data, artificial intelligence simply cannot function. That is why we are seeing massive investment in this area all over the world. This theme will remain with us for several more decades.
Many investors are still holding on to significant amounts of cash. Are you seeing any change in this regard?
Not really, at least not for the time being. Given the geopolitical uncertainties, many investors remain cautious. However, I consistently remind our clients that cash is not a long-term solution, particularly in an inflationary environment.
That is why we place great importance on strategic asset allocation. Trying to predict the markets is extremely difficult. It is far more important to remain invested for the long term.
Is the war in Iran having an impact on your business? Are you seeing increased inflows into Switzerland?
I haven’t noticed any unusual trends at this stage. For many years now, Switzerland has remained an attractive destination for high-net-worth international families.
Clients are becoming increasingly mobile and international; some families are also settling in Switzerland, but this is not a new phenomenon. It is rather a long-term trend.
How do you see the future of the Swiss financial centre?
I am very optimistic. Switzerland’s strength has always been its ability to overcome crises and, often, to emerge from them even stronger.
The financial centre has undergone profound changes in recent years, but these changes are also creating new opportunities for new players.
The key is for the financial centre to remain competitive. Competition improves the quality of services, and ultimately it is the clients who benefit.
In this context, how important do you consider the J.P. Morgan brand to be?
It is a very strong brand. J.P. Morgan is recognised worldwide for its solidity, its capacity for innovation and its technological leadership. But a brand, however powerful it may be, is not everything. Above all, it is the men and women who embody it on a daily basis who make the difference.
Above all, clients are looking for tangible added value. In particular, they appreciate being able to benefit from the perspective of an American bank with privileged access to the US market, which remains the world’s leading capital market.