JPMorgan reached an agreement with Bradesco at the start of September to refer its onshore private banking business to the Brazilian bank.
The referral agreement is the final piece in the withdrawal of JPMorgan’s ambitions for an onshore private banking business in Brazil and should see Bradesco add about R$20 billion ($3.78 billion) to its domestic AUM.
Augusto Miranda, head of Bradesco’s private bank since February 2019, says he expects JPMorgan’s local Brazilian private banking team to join the bank – 14 private bankers in total.
“The [JPMorgan] team has a high profile with high and ultra-high net worth clients and they will strengthen our focus on the ultra-high segment. We have invited them to join us and we are doing this transition in the next few weeks,” he says.
New bankers are oxygenating our team and culture
The bankers will join Bradesco as new hires, not as a part of any official agreement between the banks. As such there will be no payment made between the two banks, nor approval needed from Brazil’s central bank.
The vast majority of JPMorgan’s private bank business revenues and assets has traditionally been within its offshore business, and it will continue to serve Brazilian clients managing offshore wealth.
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