The North America market, centred on the US, is at the heart of Goldman Sachs’ leading private banking and wealth management business. The New York-based firm wins this year’s award for North America’s best private bank.
Why is it top dog in the region? One reason is that a focus on the top end of the wealth market fits nicely with the firm’s wider global capabilities, such as investment banking: again, largely revolving around North America but with a global franchise. The wealth management team, from that perspective, is the largest client at Goldman Sachs. Another answer is the committed and organic approach, which also fits well with the high end of the wealth market, where trust and person-to-person relationships matter most.
The bank has not chased passing fads, but rather focused on where it can add most value.
Goldman Sachs’ approach has demonstrated results in terms of growth over the past four years and in its home region – from both an assets and revenue point of view.