The aggregate revenue of the banks in this report reached $114bn in 9m23 and $39bn in 3Q23, 10% ahead of the comparable prior-year periods. AuM – especially from $10m+ clients – and operating costs, however, grew faster than revenue, depressing pre-tax profit margins and productivity indicators. Reflecting the increased investment from most in-scope banks, UHNWI/GFO segment of the market grew revenue slightly faster than other segments, while the revenue growth in EMEA and APAC outstripped AMER. The competition for top-level clients is heating up: Blackrock, for example, is improving its GFO offering. Almost 80% of revenue growth in 9m23 (40% in