- UBS (NYSE:UBS) has taken a far lead ahead of Bank of America as the world's largest private bank and is close to securing $2T under its wealth management business.
- UBS took over Bank of America's top spot last year after the latter sold its private bank outside the U.S. to Switzerland's Julius Baer.
- Private banking is on the rise worldwide, with the industry managing $20.3T in total, up from $18.5T last year.