JPMorgan Adds Millionaire Wealth Offering to Branches

Core Viewpoint - JPMorgan Chase & Co. is expanding its wealth management services by introducing a dedicated offering for single-digit millionaires, aiming to capture a larger share of the affluent market [1][4]. Group 1: Expansion of Services - The bank has placed J.P. Morgan Private Client bankers in 53 branches located in affluent regions of New York, Connecticut, Florida, and Texas, enhancing its existing network of 18 financial centers and 15 offices that cater to clients with $1 million to $5 million in assets [2][3]. - This new segment was established about a year ago following JPMorgan's acquisition of First Republic Bank, which previously focused on wealthy clients before its failure in 2023 [3][4]. Group 2: Market Strategy - The initiative is part of CEO Jamie Dimon's broader strategy to increase wealth management market share, targeting an underserved segment of clients who are not ultra-wealthy but still possess significant assets [4][5]. - The newly formed unit within JPMorgan's consumer and community bank, which operates approximately 5,000 branches across 48 states, reported $1.16 trillion in client investment assets by the end of the second quarter, more than doubling since its inception [5]. Group 3: Long-term Goals - The long-term ambition for this unit is to reach $2 trillion in client investment assets, as outlined in an investor-day presentation earlier this year [5].