As we mark the 10th anniversary of the PWM/The Banker Global Private Banking Awards, a broader range of competitors for the top accolades is emerging. UBS remains one of the strongest wealth managers globally, able to compete not just in a handful of categories, but across most niches and territories. But Citi has had an extremely strong showing, unseating the Swiss giant and narrowly pinching the global crown.
This is partly testament to Citi’s foresight in responding to the global financial crisis of 2008 by imbedding private banking within its institutional division. This enabled the US bank to offer capital markets expertise and equity trading from neighbouring departments, rather than across deep internal divides.
