JPMorgan Chase (JPM) is opening 14 high-end branches focused on attracting affluent US customers with its J.P. Morgan Private Client service, CNBC reported Tuesday, citing an interview with Chase Consumer Banking Chief Executive Jennifer Roberts.
The new branches, acquired when JPMorgan took over First Republic in 2023, will be unveiled in New York, California, Florida, and Massachusetts. Members of the new service tier will have each have a single banker assigned to them, according to the report.
The new tier requires members to have at least $750,000 in deposits and investments, but Roberts told the news outlet that the bank is targeting individuals with $2 million to $3 million in balances.
JPMorgan did not immediately reply to a request for comment from MT Newswires.
Shares of the lender were up 1% in recent early trading.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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