J.P. Morgan's journey in Switzerland began in 1964 with the opening of an office in Geneva, followed shortly by Zurich. Today, the US financial specialist employs 900 people in Switzerland, with almost 85 percent of them operating from the western part of the country.

«Switzerland has become an important market for us,» said country head Reinout Boettcher during a media event in Zurich on Wednesday. Notably, in wealth management, the US financial firm has doubled its business over the past five years. In asset management, J.P. Morgan has emerged as the leading active manager in Switzerland. «We have built many valuable relationships over the past few years,» Boettcher added.

Expansion of wealth management

J.P. Morgan plans to build on this momentum and is aiming for further growth in the coming years, especially in the wealth management business. In the Ultra High Net Worth Individuals (UHNWIs) sector, which focuses on very wealthy private clients, Matteo Gianini, Head of J.P. Morgan Private Bank, expects annual growth of 3,5 percent, J. P. Morgan aims to grow their business in Switzerland by 10 percent annually. «We want to be the bank of choice in Switzerland for wealth management,» he declared. The bank is also hoping to benefit from the integration of Credit Suisse, although this was not explicitly mentioned by the executives at the press event. In wealth management, diversification is key, Gianini hinted.

J.P. Morgan plans to expand its wealth management business in the coming years, including hiring more staff. Currently, the bank employs 35 advisors in this area. The business focus is on the German-speaking part of Switzerland, but Gianini, as an Italian speaker, also aims to make an impact in Ticino and the French-speaking region.

Inheritance tax initiative: J.P. Morgan relies on Swiss pragmatism

However, this may not be entirely straightforward. Other institutions are also competing for a large share of this market. Additionally, there is the inheritance tax initiative, which looms like a sword of Damocles. The Young Socialists are pushing for the «super-rich to contribute to the fight against the climate crisis,» proposing a 50 percent inheritance and gift tax on amounts exceeding 50 million francs.

J.P. Morgan Switzerland's leadership remains notably calm. While some clients are concerned, Gianini said it is too early to take any specific measures. Moreover, the US financial institution does not want to take a public stance on the matter. «Switzerland remains a very attractive location for the wealthy,» he emphasized. The country has always been known for its pragmatism, and J.P. Morgan continues to rely on that.

Gaining ground in regional asset management

J.P. Morgan has steadily grown in asset management, with the US financial firm noticing that more cantonal banks are becoming active in this area. According to Laura Geiger-Pancera, who has led the business segment in Switzerland since the beginning of the year, the focus will be on playing a more active role in the Basel, Geneva, Ticino, and Liechtenstein regions.

In addition, according to Boettcher, J.P. Morgan sees opportunities in payment services and the mid-market sector in Switzerland.