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Organizer Global Finance
Region All

North America domiciles some of the world’s biggest banks with some of the farthest-flung client bases on the planet. Over the past year, however, their private-banking units have been looking inward, expanding their presence within the US and redefining their business to include more affluent customers below the ultrahigh net worth level.

To make the new strategy work requires closer ties between private banking and other services such as investment banking and commercial lending: a significant break from tradition in a business legendarily built on exclusivity. But banks like Goldman Sachs have their eye on the next generation of ultrarich, and they aim to capture these prospects on their way up.