[ART in BRANDING] 3. The Corporate Approach: (ii) Banking Moves Beyond Collecting

The story of banks and art begins in palatial halls. In Renaissance Florence, the Medici banking dynasty filled their corridors with masterpieces. In America's Gilded Age, J.P. Morgan, of The Morgan Library and Museum in NYC, transformed private profits into public cultural institutions. Throughout history, successful banking families and institutions have built prestigious art collections, seeing them as natural extensions of their financial power and cultural authority.

Today, this relationship is undergoing a transformation. As banking moves from marble halls to mobile apps, financial institutions are redefining their engagement with art. No longer content with merely acquiring masterpieces for boardroom walls, banks are experimenting with new forms of cultural patronage that prioritize public access over private prestige.

This shift is most visible in two distinct approaches: Deutsche Bank's evolution from corporate collector to cultural catalyst, and Bank of America's public-oriented art patronage for its retail banking operations. These examples reveal how financial institutions are adapting their cultural roles for an era that demands both digital innovation and corporate social responsibility.

Before discussing how the banking sector engages with art today, let's first distinguish the different segments of banking: retail banking manages individual and small business banking services, private banking provides comprehensive wealth management for high-net-worth clients, and investment banking facilitates large-scale corporate financial transactions. The mass-market focus of retail banking contrasts with the premium positioning of private and investment banking, resulting in fundamentally different impetus to art engagement.

Deutsche Bank's Evolution of Art Strategy

Deutsche Bank, a leading investment bank and financial services & wealth management company, exemplifies how banking's patronage has evolved in response to changing times. Since beginning its collection in the 1970s, Deutsche Bank has amassed over 56,000 artworks displayed throughout its elegantly authoritative global offices and branches, creating Germany's largest corporate collection and one of the world's most substantial corporate holdings. At successful private and investment banks such as Deutsche Bank and UBS, art collection to a degree reflected both the legacy of Gilded Age patronage and the need to mirror their elite clientele's lifestyle.

Works by Imi Knoebel (left) and Fei Lai Feng by Thomas Struth (right) in the collection at the Deutsche Bank Center, New York

Over time, Deutsche Bank's collection evolved from focusing chiefly on modern German art after 1945 to encompassing contemporary art from all corners of the world, including Asia/Pacific, the Americas, Middle East/Africa, and Europe.

Art on view across 60 floors of Deutsche Bank Towers in Frankfurt. Each floor of the Towers is devoted to one artist; around 100 international positions from more than 40 countries are on view, arranged by region. Source: art.db.com

Beyond building its collection, the bank developed a comprehensive strategy spanning marketing, client relations, and corporate social responsibility (CSR). As the main sponsor of Frieze Art Fair across multiple cities, Deutsche Bank maintains high-profile brand visibility through sophisticated VIP lounges and private tours that facilitate client entertainment. Meanwhile, the bank has expanded into CSR-minded initiatives, organizing programs around themes like cultural diversity and supporting emerging artists through their 'Artist of the Year' award. The bank's Art & Culture homepage (art.db.com) offers a comprehensive look at the breadth of programming.

To maintain consistency across these diverse initiatives, Deutsche Bank established strict governance through its 'Art & Culture' division. The Art & Culture department manages everything art-related for the bank, and other departments cannot engage in art activities without their approval or recommendation. As this ensures all activities are at a level Deutsche Bank can endorse and aligned with a single vision.

Yet the changing times have brought new pressures. Recent challenges, including the 2019 announcement of 18,000 job cuts and the shift toward digital banking, have forced Deutsche Bank to adapt its art strategy. While maintaining its commitment to contemporary art and continuing key sponsorships like Frieze, the bank has reduced its collection activities and sold major works, signaling a shift in how even prestigious institutions balance art engagement with changing market conditions.

Source: www.deutschewealth.com

Bank of America: Democratizing Art Access

While elite banking segments traditionally dominated art patronage, Bank of America demonstrates how retail banks can effectively engage with art through a CSR-focused approach.

Though Bank of America too has wealth management and corporate & investment banking offerings, its art engagement is aligned with its retail banking audience. Orgnized around the motto "making art accessible," the bank's 'Art in our Communities®' program redefines corporate art collection for the public benefit by offering free exhibition loans to museums and non-profit galleries. Since 2009, over 170 cultural institutions worldwide have benefited from this program. Meanwhile, its 'Museums on Us®' program extends this democratic approach by offering Bank of America cardholders free admission to over 225 museums nationwide during the first weekend of each month - a significant value when considering that a family of four might otherwise pay $120 to visit the Metropolitan Museum of Art.

Source: bankofamerica.com

By partnering with institutions rather than focusing on individual artists or building an exclusive collection, Bank of America creates positive brand experiences while advancing social good. Their art conservation projects further demonstrate how banks can contribute to cultural sustainability and heritage preservation while building meaningful community relationships.

This evolution in the banking sector's art engagement - from displaying elite taste in VIP rooms to facilitating public access through CSR programs - reflects broader changes in market conditions, technological environment, and societal expectations. As banks continue to adapt to changing times, their art strategies increasingly emphasize public benefit alongside traditional brand building objectives.

Next up, Technology.

Have you noticed a pattern? The history of art's relationship with branding traces the trajectory of wealth and societal power through different eras. So far, this has led our series from religious institutions to the corporate players in the 21st century market economies. And there is one sector in particular whose wealth-generating capability and societal influence trumps all others, and that sector, too, is growing increasingly curious about its relationship with art. This new epicenter of influence is technology.

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This article is part of the *ART IN BRANDING* series by Seol Park examining the relationship between visual arts and institutional brand identity throughout history. 'Part 3: The Corporate Approach' continues in the next article observing the technology sector's enthusiasm for art engagement.