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Article: Private banking industry booms as ranks of wealthy grow. (Los Angeles, CA's private banking industry)
- Article from:
- Los Angeles Business Journal
- Article date:
- October 13, 1997
- Author:
CopyrightCOPYRIGHT 1997 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Money can't buy you love, but it can get you better service at the bank.
If you deposit at least $2 million in cash, you'll be assigned a "Relationship manager" who will invite you into his plush penthouse office to map out your financial future.
Better yet, call on the weekend and make him fly to your vacation home to help you balance the books.
It's called private banking, and the wealthiest tier of Los Angeles residents are going for it in a big way.
William Timoney, executive vice president for private banking at Bank of America, said the private banking industry in L.A. is growing at 15 percent to 20 percent per year, prompting BofA to ...