Tuesday, July 10, 2007

Merging private banks

The world of private banking is where presumably resides the best financial advice possible. Here are a couple of stories (free WSJ Digg link) on the acquisition of U.S. Trust by Bank of America (free WSJ Digg link). The first article ranks of private banks by assets under management. JPMorgan Chase is first at $258 billion, then Bank of America at $172 billion, Northern Trust at $135 billion, Citibank at $100 billion and U.S. Trust, which Bank of America is acquiring, at $93 billion.

JPMorgan Chase$258 billion
Bank of America$172 billion
Northern Trust$135 billion
Citibank$100 billion
U.S. Trust$93 billion

The second article talks about how Bank of America is getting rid of the old tiers of $3 million for its private client service and $50 million for its private bank and combining them into one operation. It should be interesting to watch this merger.