shrug It is a small private bank therefore a higher cost base and these are actual shares not held in street name and yes there isn’t a lot of competition. That said, order of magnitude it’s not far off what I’d consider normal.
Think about it. How is the bank making any money off you in any other way? It doesn’t have your funds to do anything with. You are not trading so it gets nothing in commissions. Maybe it made a bit on converting your EUR to USD, if you let it and didn’t use wise or the like. Meanwhile the bank has to operate, to pay people to do the compliance and accounting and reporting it has to do simply to hold your shares - which are worse because you’re an American, so thank the IRS for at least some of that fee.
Even if you had 350k on deposit, remember that the bank is being charged negative interest by the ECB. They LOSE money by holding your deposits.
Schwab has all the same costs but it makes money on commissions, or the spread it charges for execution, or from payment for order flow (you only think you are trading for free - no, you are paying, the costs are simply buried), or from the management fee of the mutual funds you hold if you buy schwab funds, or myriad other ways, I could go on.
In a way this is fairer. You are being charged for services provided in a clear and transparent manner.
Not that wealth management services are not a profit center for the bank, of course. But the cost base they operate from is different so the fee structure is different.
Comparing anything in this realm with the normal US financial system experience that the normal US retail investor is used to simply does not work.