By Toni Clarke
BOSTON (Reuters) - Plush carpets, oak-paneled walls, numbered accounts, hidden vaults, and bankers whose impeccable manners are exceeded only by their unparalleled discretion, are all part of the private banking folklore.
These days, however, the very wealthy are just as likely to be ushered into modern, minimalist offices with designer furniture and matching modern art as they are to sink into a velvet armchair surrounded by old masters.
"Our clients have enough oak paneling and fresh flowers in their own homes," said Richard Ditizio, head of the high net worth unit at Citi Private Bank, who described his offices as "contemporary" and "avant-garde." "We are first and foremost a business, not a club."
Citibank's (C.N: Quote, Profile, Research, Stock Buzz) style, said Ditizio, speaks to the kind of wealthy clients the bank attracts - entrepreneurs with a minimum of $25 million who have been with the firm on average 12 to 15 years. These are people who have not only made a fortune but are continuing to borrow and invest in new businesses.
"The view of the single fortune being managed in oak-paneled
rooms is anachronistic," he said.
Well, not quite.
Guards usher the supremely rich to JPMorgan's (JPM.N: Quote, Profile, Research, Stock Buzz) executive Park Avenue offices in New York via private elevator; the reception desk is redolent of the concierge desk at a luxury hotel and art from the company's private collection hangs on the walls. The firm prides itself on its exclusivity. Continued...
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