Katy Knox is president of Bank of America’s private bank, which keeps growing even amid market jitters.
Private bank revenue climbed 9% to $3.6 billion in 2022. And in the first six months of 2023, revenue nudged up 2% to $1.8 billion.
Private bank client balances jumped to $577 million in the first half of 2023, 6% more than the same time last year. The private bank added 2,600 net new clients in 2022, according to Knox, and added 1,930 net new clients in the first half of 2023. The private bank declined to provide its total client count.
Knox credited her team for recruiting clients already enrolled in other Bank of America divisions.
“In 2022, we made more than 10,000 referrals to and from other Bank of America lines of business, such as the global commercial bank and consumer bank,” she stated. “Our goal is to be the best partner in the company, and our teams have done an amazing job enhancing and building those partnerships.”
A Boston native, Knox has worked in the banking industry since 1986. She joined Bank of America in 2003, initially taking on the role as head of global treasury sales.
Knox has run the private bank since 2018. It is one of two units in Bank of America’s private wealth and investment management division, along with Merrill Wealth Management.
Knox’s responsibilities increased in January 2022, when she also took on responsibilities for a new Bank of America organization called wealth management and lending. Knox initiated the wealth management and lending division to digitize the account opening process, improve the custom mortgage process with new digital features and improve customer service. Those