Goldman Sachs used to tease rivals Morgan Stanley after they had acquired Dean Witter, for plunging down market into the retail business. If a Financial Times report today is to be believed, JP Morgan is about to do the same after its merger with Bank One. The report says that JP Morgan Private Bank has hired Andreas Muth, the former head of private banking in Germany for UBS, to take the bank into mass market private banking in German-speaking Continental Europe: Austria, Germany and Switzerland. Until now, JP Morgan insisted on a minimum net worth of $25 million before taking on a customer. Under Muth, UBS Germany was happy with Euros 500,000. The newspaper says Muth replaces Francisco Cortes, who left the bank after being caught up in allegations about laundering money for the Russian mafia.
JP Morgan Private Banking Hires UBS Private Banker To Take The Bank Downmarket In German-Speaking Europe
Goldman Sachs used to tease rivals Morgan Stanley after they had acquired Dean Witter, for plunging down market into the retail business. If a Financial Times report today is to be believed, JP Morgan is about to do the same
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