(Bloomberg) — JPMorgan Chase & Co. is adding a dedicated offering for single-digit millionaires to dozens of bank branches, the latest in Chief Executive Officer Jamie Dimon’s yearslong effort to gain share in wealth management.
The lender put J.P. Morgan Private Client bankers in 53 branches in affluent areas of New York, Connecticut, Florida and Texas, according to a statement Wednesday. That adds to 18 financial centers and 15 offices serving customers with $1 million to $5 million in deposit and investment balances.
JPMorgan created the segment — not to be confused with Chase Private Client, for clients with at least $150,000, or J.P. Morgan Private Bank, for the ultrawealthy — about a year ago, following its purchase of First Republic Bank. That firm specialized in serving wealthy clients until it failed in 2023, and JPMorgan bought it out of US government receivership.
First Republic’s model “acted as a catalyst for us to really think about how to develop the right value proposition, the right offering and distribution channels,” Stevie Baron, JPMorgan’s head of affluent banking, said in an interview. The fast-growing but highly fragmented client base is “an underserved part of the marketplace and one in which we are really focused on.”
Read More: First Republic Turbocharges Dimon’s Vow to ‘Watch Out’ in Wealth
Wealth management has become a key battleground across Wall Street in recent years, with banks of all sizes swarming the space in pursuit of steadier income. More than a half-decade ago, Dimon launched a high-profile growth initiative aimed at serving more of the merely wealthy, in addition to the ultra-rich.
He formed a new unit within JPMorgan’s sprawling consumer and community bank, which has about 5,000 branches across 48 states, and assigned Kristin Lemkau to run it. At the end of the second quarter, the unit had $1.16 trillion in client investment assets — more than double what it had at inception. The long-term ambition is $2 trillion, according to an investor-day presentation earlier this year.
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