History
The first banks in history catered to the needs of wealthy families, including the assets of royal families (especially in Europe). For example, the financial assets of the British Royal Family are managed by Coutts, which was founded in 1692. In the United States, some of the oldest surviving private banks include Brown Brothers Harriman & Co. (which was founded in 1818), U.S. Trust (1853), and Northern Trust (1889).
After the Great Recession (December 2007 to June 2009), many investment banks were forced to cut staff and salaries and bonuses, prompting a migration of investment professionals to private banking. The increasing number of high-net-worth individuals in the United States has created strong demand for private bankers.
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