JPMorgan Private Bank has reshaped what was once a largely offshore, London‑centric franchise into a genuinely onshore, multi‑hub business that is now one of Western Europe’s most aggressive private banking growth stories. Over the review period, the bank delivered double‑digit revenue and assets under management (AUM) growth in EMEA, while investing heavily in senior leadership, adviser headcount and local offices to capture market share in some of the region’s most competitive onshore markets.
A central strand of the strategy has been a decisive pivot towards Western Europe as a key battleground for international growth. “If we look at the market share of JPMorgan Private Bank globally, in terms of where the biggest opportunity is to grow market share, it’s very much within the European franchise,” says Adam Tejpaul, international CEO, pointing to low single‑digit market shares in several countries and the scope to “scale that materially”. In the 12 months to June 2025, the EMEA private bank grew revenues by around 14% and AUM by roughly 25%, supported by a 9% increase in client‑adviser headcount.
If we look at the market share of JPMorgan Private Bank globally, in terms of where the biggest opportunity is to grow market share, it’s very much within the European franchise
Adam Tejpaul
Crucially, this is not growth from a single hub but from a network of local offices designed to bring the international bank closer to domestic client bases. JPMorgan has opened or expanded offices in Munich, Hamburg and Berlin, as well as Edinburgh and Glasgow, complementing long‑standing operations in London and Frankfurt.
Tejpaul frames this as “positioning for growth” rather than a restructuring, arguing that as the business scales Europe now requires “three very senior, almost CEO‑like people” to run the UK, continental Europe and Switzerland/Middle East segments. A refreshed leadership structure under EMEA CEO Pablo Garnica – with region heads for continental Europe, the UK and the Middle East/emerging markets – is intended to give Western Europe the focus and accountability of a true home market.
A global perspective
On the client side, JPMorgan is benefiting from a clear shift in Western European investment behaviour, especially in Germany. Tejpaul notes that where local ultra-high-net-worth (UHNW) investors once focused heavily on domestic, tax‑driven products – “the tax tail … was wagging the investment dog” – many now want “the best investments globally” and feel underweight in US assets, private equity and global themes.
This plays directly to JPMorgan’s strengths in global research, alternatives and US market access, allowing it to position as a complementary partner to domestic banks rather than a replacement. The rapid uptake of the bank’s investment outlook events in cities like Munich and Hamburg – where “the speed with which you get 100-150 clients to show up … is pretty amazing” – underlines growing local engagement with the franchise.
Strategically, Western Europe also benefits from the bank’s unified international model. Rather than running separate regional playbooks, the international private bank pursues a set of global priorities – relationship manager growth, alternatives penetration, advisory and digital – and applies them consistently across Europe, Asia and Latin America. That means European clients see the same advisory platform, alternatives shelf and digital tools as peers in other regions – but tailored to local tax and regulatory realities.
With more than 1,000 relationship managers across the international private bank and a stated ambition to grow to about 1,900 over time, JPMorgan is investing for long‑term share gains in Western Europe’s UHNW and family‑office segments.
