JPMorgan Chase (NYSE:JPM) is widening its push to gain share in wealth management, stationing private client bankers in 53 branches across affluent U.S. markets in New York, Connecticut, Florida and Texas, according to a Wednesday media report.
The move adds to 18 financial centers and 15 offices serving clients with $1M-$5M in assets, Bloomberg reported, citing a statement.
J.P. Morgan Private Client was established last year after it bought First Republic Bank — which had served the wealthy before failing in 2023 — out of U.S. government receivership.
Separately, Chase Private Client is dedicated to serving clients with at least $150K in deposit and investment balances, while J.P. Morgan Private Banks serves the ultrawealthy.
JPMorgan (NYSE:JPM) did not immediately respond to Seeking Alpha’s request for comment.