JPM's Switzerland Play: Hiring Spree, New Money & A 2030 Doubling Goal

JPMorgan JPM is sharpening its ambitions in Switzerland’s onshore private banking market, outlining a plan to double the business again by 2030 after having already doubled it between 2020 and 2024. The U.S. banking giant is embracing a straightforward thesis: the Swiss wealth landscape is in flux, with ultra-high-net-worth (UHNW) clients seeking more choice.

Matteo Gianini, JPMorgan's head of Swiss private banking, told Reuters, “Our ambition as a firm is to be the premier international bank in Switzerland, and yes, with a strong footprint in the ultra-high-net-worth space.”

At the center of the strategy is a push upmarket. JPMorgan is focusing on clients with at least CHF 10 million in investable assets, aiming to deepen relationships with entrepreneurs, families and top-tier executives who value tailored portfolio construction and global access. The bank’s Swiss private banking assets totaled roughly $55.6 billion at 2024-end, with this year’s growth described as strong, nearly 20%, driven by almost 50% in net new money.

Execution hinges on people and presence. JPMorgan has already expanded staffing in Zurich and Geneva by about 30% and plans to more than double the workforce by the end of the decade, reinforcing advisory capacity and coverage across key Swiss wealth corridors.

The opportunity is partly cyclical and partly structural. In the wake of the UBS Group–Credit Suisse merger, client reallocation and diversification are accelerating. JPMorgan is positioning itself to capture that movement, seeking to grow faster than the broader Swiss onshore market and translate recent momentum into a durable franchise.

How are JPMorgan’s Peers Faring in Terms of Private Banking?

Two of JPMorgan’s close peers, Goldman Sachs GS and Morgan Stanley MS, are taking several steps to expand their private banking operations.

Goldman is refocusing on Asset & Wealth Management, using its private wealth and banking/lending platform to deepen UHNW ties and build steadier fee income. Management fees and private banking/lending revenues have risen strongly since 2019, with the momentum expected to continue. Goldman is also enhancing advisor capabilities through the planned acquisition of Innovator Capital Management and a partnership with T. Rowe Price.

Morgan Stanley’s private banking offering is embedded in its Wealth Management division, providing cash management, deposits and credit, especially portfolio-based lending and mortgages, around advisory relationships. Morgan Stanley’s private banking business growth is increasingly lending-led. Wealth Management loans rose almost 12% year over year to $173.9 billion as of Sept. 30, 2025.

JPMorgan’s Price Performance, Valuation and Estimates

JPMorgan shares have gained 28.4% so far this year.

From a valuation standpoint, JPM trades at a 12-month trailing price-to-tangible book (P/TB) of 3.09X, above the industry average.

The Zacks Consensus Estimate for JPMorgan’s 2025 earnings implies a 2.5% rise on a year-over-year basis, while 2026 earnings are expected to grow at a rate of 4.7%. In the past 30 days, earnings estimates for 2025 and 2026 have moved upward.

JPM currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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