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Major companies in the private banking industry are competing aggressively for market shares through strategic innovations, technological advancements, and tailored service offerings. These companies are employing various strategies to fortify their market presence. They also focus on client retention, expansion into untapped regions, and forming strategic partnerships to stay ahead in this competitive landscape.
Major companies operating in the private banking industry are:
The market size of private banking reached USD 477.3 billion in 2023 and is poised to expand at 10% CAGR between 2024 and 2032. As overall assets increase, private banks gain a larger pool of potential clients with substantial financial portfolios.
North America market share was over 32% of revenue share in 2023, due to the concentration of high-net-worth individuals in the region.
The asset management service segment accounted for over 40% market share in 2023, owing to the growing need for diversification in investment portfolios.
Bank of America, BNP Paribas, Citigroup, DBS Group, Goldman Sachs, HSBC, J.P. Morgan Private Bank, Morgan Stanley, Raymond James, and UBS Group AG.