Just as these two golf superstars continue to see their bank accounts grow, so too do their relationships with a pair of major European banks.
One of Woods' favorite golf tournaments is the Deutsche Bank-SAP Open in Germany, which he has won three times since 1999 and now hooked up with on a deal to sponsor a tournament benefiting his charitable foundation.
Nicklaus now sports a bank logo on his bag for the first time in almost half a century after signing with The Royal Bank of Scotland.
'I look forward to getting on the Autobahn and letting it go,' Woods said.
His relationship with the German bank has really taken off. Deutsche Bank is trying to raise its brand recognition in the United States, and it believes it has the perfect combination -- Woods and the PGA Tour.
Deutsche Bank last year signed a four-year deal to be the title sponsor of a $5 million tournament outside Boston that will end on Labor Day. It will include the world's No. 1 player because proceeds will go to Woods' charity.
'Partnering with the PGA Tour and the Tiger Woods Foundation... is a powerful way to deepen client relationships and raise the profile of our brand in the U.S.,' Deutsche Bank Americas CEO Seth Waugh said.
Nicklaus has a non-golf logo on his bag for the first time in 42 years after signing a sponsorship deal with The Royal Bank of Scotland.
RBS, the fifth-largest bank in the world, also signed Charles Howell III and Luke Donald of England, two rising stars on the PGA Tour who both won the Jack Nicklaus Award given to the best college player.
The bank plans to build a marketing campaign around Nicklaus and the majors, and is looking into other areas in golf to expand its U.S. presence.
The two banks 'are trying to increase their market share in the U.S. and North America. You see that in terms of marketing investments and the acquisitions they've made,' said Tom Wade, chief marketing officer for the PGA Tour. 'Golf is the most targeted sport for affluent people and profitable customers.
'The demographics are there, and the interest in golf is high.'
The United Bank of Switzerland was a step ahead of RBS and Deutsche Bank. It began sponsoring the UBS Warburg Cup two years ago.
'All of these banks look on the United States as significant territory, but it's also to gain a global presence,' said IMG president Alastair Johnston, who was involved in the deals involving RBS, Deutsche Bank and UBS.
And it's not just European banks.
Bank of America signed a four-year deal as the title sponsor of Colonial, while Wachovia is the title sponsor of a $5 million tournament in Charlotte, N.C.