Wall Street heavyweight invests in Nordic private banking setup

JP Morgan is investing in its private banking unit in the Nordics, says the department head, who wants the banking group to become the obvious choice for the ultra-wealthy families in the region.

Corporate logo | Photo: MIKE SEGAR/REUTERS / X90033

US banking group JP Morgan is investing in its private banking operations in the Nordic region, writes financial site Realtid. The argument from Riccardo Pironti, managing director of private banking in the Nordics, is that the number of families with more than EUR 50m in liquid assets is big and still growing.

"In November, we will have a new managing director for the Stockholm office and we are looking for a senior person for the Copenhagen office. Then we have high ambitions for the next five years. But since our focus is on the ultra-rich, we do not focus on quantity but on quality. We will never serve large numbers of customers in private banking," Pironti tells Realtid.

Pironti lives in Milano and has spent the past 36 years at JP Morgan. He will not move to Stockholm despite being head of the Nordic team.   

"I still have to divide my time between the offices in Stockholm and Copenhagen. My task will largely be to pass on my experiences and spread the JP Morgan culture. We will largely trust the people we employ locally," he says.

JP Morgan's private banking unit in the Nordic region currently consists of three bankers in Stockholm and one in Copenhagen.

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