Mr. Gianini, J.P. Morgan has set ambitious targets: The firm aims to double its ultra-high-net-worth business by 2030. How far along are you?

We have already demonstrated that we can achieve ambitious goals. When we launched our previous five-year plan in 2020, we set out to double the business—and we actually reached that target ahead of schedule. That’s why we’ve once again set ourselves ambitious growth objectives for 2030.

Since relaunching the plan in 2023, we’ve been growing revenues at a compound annual growth rate (CAGR) of nearly 20 percent, while assets under management have grown at a CAGR of 23 percent. That’s a very strong trajectory.

How have you achieved this growth?

Several factors have contributed. First, Switzerland remains an exceptionally attractive wealth management market, with assets growing steadily by around 4 to 5 percent annually. Second, the country continues to attract wealthy international families.

«Our objective is clear: We want to establish ourselves as a challenger to the established players and continue gaining market share.»

Third, we’ve consistently increased our market share. Today, we hold roughly 5 percent of the ultra-high-net-worth market. Our objective is clear: We want to position ourselves as a challenger to the established players and continue expanding.

Another key driver has been investment in talent. Our ambition wasn’t simply to double the business—we also wanted to significantly expand the number of advisors and talent.

What can J.P. Morgan offer clients that competitors cannot?

I believe the future doesn’t belong exclusively to either global platforms or boutiques—you need both. Clients value specialists in specific areas, but they also need institutions with truly global capabilities.

That’s exactly what we offer our Swiss clients: global expertise combined with deep local knowledge. Our bankers are firmly rooted in Switzerland while giving clients access to J.P. Morgan’s worldwide network.

In my view, that combination of global reach and local presence is exceptionally powerful.

How important are technology and AI in that context?

Extremely important. The pace of technological change is much faster today than it was in the past. It took the personal computer roughly ten years to become mainstream. AI may reach broad adoption within just a few years.

That’s why we need employees who embrace technology early. The younger generation, in particular, has a natural affinity for these tools.

Is J.P. Morgan investing heavily in AI?

J.P. Morgan invests around $20 billion in technology every year. Naturally, a significant portion of that goes into artificial intelligence. We have developed our own large language model, while also investing heavily in cybersecurity.

Today, a strong balance sheet alone is no longer sufficient. Clients also expect world-class technology infrastructure and the highest standards of security.

How will AI change private banking in practice?

AI will significantly improve the quality of our work. Many administrative and repetitive tasks can be automated, giving advisors more time to spend with clients.

Because one thing AI will never replace is trust. Private banking is built on emotional intelligence, empathy, and personal relationships.

«The profile of the banker is changing. Technical expertise alone will no longer be enough.»

At the same time, AI is already transforming our daily work. Every morning when I turn on my computer, I automatically receive a summary of the most important developments from the previous 48 hours—tailored to our market views and my clients’ interests.

Without AI, delivering that level of insight at such speed would hardly be possible.

Do you personally use tools such as ChatGPT?

Of course. Today, you can retrieve information and understand complex relationships within seconds. AI makes all of us smarter and more efficient.

As a result, the profile of the banker is changing. Technical expertise alone will no longer be enough. What will matter most are empathy, emotional intelligence, and the ability to build trust.

How is the next generation of wealthy clients changing?

Very significantly. The next generation makes decisions faster, is far more digital, and expects immediate access to information.

These clients want to interact with their bank in a flexible, digital way. If they don’t have time for a meeting, they expect to access information online whenever it suits them.

That requires outstanding technology and a highly agile infrastructure.

Is the investment behavior of younger clients changing as well?

Absolutely. Younger investors show much greater interest in long-term themes such as private equity and infrastructure.

Many of today’s most exciting technology companies remain private for much longer. Investors who want exposure need access to private markets.

In addition, younger clients see substantial opportunities in infrastructure—from energy networks and data centers to AI infrastructure.

Has infrastructure become one of the defining themes in private banking?

Absolutely. Infrastructure is a long-term megatrend. It’s no longer just about roads and railways—it also encompasses energy systems, data centers, and digital infrastructure.

Artificial intelligence cannot function without data. That’s why we’re seeing enormous investment worldwide in these areas.

This is a theme that will shape investment portfolios for decades.

Many investors continue to hold elevated cash balances. Are you seeing any shift?

Not yet, at least not to any significant degree. Given ongoing geopolitical uncertainty, many investors remain cautious.

However, I always tell clients the same thing: Cash is not a long-term solution, especially in an inflationary environment.

«Switzerland’s strength has always been its ability to navigate crises.»

That’s why we place such a strong emphasis on strategic asset allocation. Timing the market is extremely difficult. Remaining invested over the long term is far more important.

Has the conflict involving Iran affected your business? Are you seeing increased inflows into Switzerland?

I don’t currently see any exceptional trend. Switzerland has been an attractive destination for wealthy international families for many years.

Of course, we observe that clients are becoming increasingly global and mobile. Some families are relocating to Switzerland. But that’s not a new phenomenon—it’s a long-term trend.

How do you view the future of Switzerland as a financial center?

I’m very optimistic. Switzerland’s strength has always been its ability to navigate crises—and often emerge even stronger.

Naturally, the financial industry has undergone significant change in recent years. At the same time, those changes create new opportunities for new market participants.

The key is ensuring that Switzerland remains competitive. Competition raises the quality of financial services, and ultimately clients are the biggest beneficiaries.

How important is the J.P. Morgan brand in that respect?

The brand is extremely important. Around the world, J.P. Morgan stands for strength, innovation, and technological leadership.

But a strong brand alone is not enough. Ultimately, it’s the people behind the brand who make the difference.

Clients want to understand the tangible value we can deliver. Many also value the perspective of a U.S. bank with deep access to the American market – the world’s most important capital market.