Boston, MA 07\/17\/2014 (wallstreetpr) \u2013 UBS AG (NYSE:UBS)<\/b> reinforced its position as a leader in the market over Bank of America Corp (NYSE:BAC) <\/b>as the world\u2019s leading private bank. It is also worth noticing that this is just within the distance of whooping $2 trillion, according to a study conducted by Scorpio Partnership.<\/p>\n
Interesting Findings Of The Study<\/b><\/p>\n
According to Scorpio Partnership, the wealth management consultant based in London, other banks like Morgan Stanley, Credit Suisse and Royal Bank of Canada stood at 3rd<\/sup>, 4th<\/sup> and 5th<\/sup> position respectively. So, these were the top 5 leading private banks of the world.<\/p>\n UBS AG (NYSE:UBS), which is based in Zurich, displaced the Bank of America Corp (NYSE:BAC) in the top most position in the year 2013 in its annual benchmark after Charlotte sold its private banking arm outside the U.S. to Julius Baer of Switzerland.<\/p>\n The study also revealed that in the year 2013, the private banks across the world witnessed approximately double the growth than 2012 because of the favourable securities markets as well as through fresh funds. Now, the private banking sector totals up to $20.3 trillion, an increase from $18.5 trillion in the previous year.<\/p>\n The study also found out that the brokerage firms of America were leading towards double profit in home as contrary to the overseas expansion. The top 5 brokerage firms of the U.S. in the year 2013 were Bofa, Morgan Stanley, JPMorgan Chase & Co., Goldman Sachs and Northern Trust.<\/p>\n UBS AG\u2019s Further Course Of Action<\/b><\/p>\n In the near future, UBS AG (NYSE:UBS) plans to slash the riskier debt trading activities. It also plans to put the private banking segment in the focus of its overall strategy, an action which will lead to more returns from the shareholders.<\/p>\n Switzerland\u2019s Private Banking Hit By Tighter Regulations and Tax Crackdown<\/b><\/p>\n It is also interesting to notice that the private banking sector in Switzerland has been hit by tighter regulations along with global tax crackdown. Switzerland\u2019s Private Banking is said to be the largest offshore cash hub of the world with approximately 2 trillion Swiss francs or $2.23 trillion in assets.<\/p>\n","protected":false},"excerpt":{"rendered":" Boston, MA 07\/17\/2014 (wallstreetpr) \u2013 UBS AG (NYSE:UBS) reinforced its position as a leader in the market over Bank of America Corp (NYSE:BAC) as the […]<\/p>\n","protected":false},"author":32,"featured_media":14411,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[2236],"tags":[1654,1010,1170,2833],"stock_ticker":[],"class_list":["post-27280","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-bank-of-america-corp-nysebac","tag-nysebac","tag-nyseubs","tag-ubs-ag-nyseubs","entry"],"acf":[],"yoast_head":"\n