Best Bank for Cash Management & Custody Services winner: Citi

Citi was praised throughout for its efficiency and quality of staff. Other comments included commendation for the bank’s global reach and the speed and transparency at which it works.

Citi opened for business in 1812, and has been a major player in some of the world’s most innovative breakthroughs in banking, including the pioneering of the world’s first ATM.

Citi has clients in 40 countries and transacts in more than 160 countries and jurisdictions, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services and wealth management.

Deutsche Bank and JP Morgan claimed second and third, receiving excellent comments throughout.

Citi was praised throughout for its efficiency and quality of staff.

Of Deutsche Bank, one respondent said: “They have invested heavily in this field in recent years and have the depth of expertise that makes us regard them as a safe pair of hands. They are also very efficient and client focused.”

One respondent said of JP Morgan: “They provide excellent global advice and have strong industry expertise.”

Wells Fargo and BNY Mellon were next in line with scores of 6.50 and 6.46. As respected leaders in the field, both banks were commended for their exceptional service.

Wells Fargo received praise for its wealth of experience, while BNY Mellon was commended for its expertise in the field.

BNY Mellon was founded in 1784 by Alexander Hamilton. With a strong focus on innovation, the bank has continued to hold a pioneering position within the industry, which was reflected in the research.

Wells Fargo began life in 1852 when Henry Wells and William Fargo founded Wells, Fargo & Co. Since its inception it has continued to grow and now serves insurers and commercial financial services with banking facilities.

The companies in the shortlists seen here were selected based on the first stage of the research, conducted via phone interviews and open online polls. Respondents were asked to name two companies they regard highly in this category. They were then asked to give details of why they had chosen these firms. The shortlist for this category reflects the companies mentioned the most frequently.

The researchers then approached the market a second time and, using this shortlist presented in a random order, asked respondents to score each company out of ten based on how they perceive the quality of the products, services and expertise of each. It is the results of this part of the survey that are shown here.

More than 500 respondents took part in each part of the survey respectively.

The score shows the average score out of ten that each company received in stage two of the survey.

The shortlist was presented to respondents in a random order.