JPMorgan Private Banking Surges in Latin America With Tech Boom

Back in 2020, JPMorgan Chase & Co.started closing its local private banking businesses in Brazil and Mexico, ending a decades-long effort to compete locally. The move paid off -- the unit went on to have its best year ever.

The bank increased assets it manages for wealthy clients by 13% to $180 billion in 2021, a feat it achieved even while serving clients exclusively from outside the region. Revenue also expanded at pace as record private investments in technology companies drove valuations and fueled founders’ personal wealth.

JPMorgan, which held sway as Latin America’s biggest private banker, is ...