Exhibit 23.1

                         CONSENT OF INDEPENDENT AUDITORS

We consent to the incorporation by reference in the following documents of our
report dated January 20, 2003, with respect to the consolidated financial
statements of PrivateBancorp, Inc. included in the Annual Report (Form 10-K) for
the year ended December 31, 2002:

.    Registration Statement (Form S-8 No. 333-43830) pertaining to the
     PrivateBancorp, Inc. Amended and Restated Stock Incentive Plan and the
     PrivateBancorp, Inc. Savings and Retirement Plan (formerly known as The
     PrivateBank and Trust Company Savings and Retirement Plan)

.    Registration Statement (Form S-8 No. 333-88289) pertaining to the
     PrivateBancorp, Inc. Amended and Restated Stock Incentive Plan

                                             /s/ Ernst & Young LLP

Chicago, Illinois
March 3, 2003