JPMorgan Chase is reshaping the leadership structure of its elite private banking business in the U.S. as firms compete fiercely for the country's ultrarich, a rapidly expanding group lifted by booming markets.

Longtime JPMorgan leaders Nelle Miller and William Sinclair were appointed co-chief executives of the firm's U.S. private bank, the company said on Thursday. They are both based in New York.

The new co-CEO structure "brings the scale and expertise" to guide clients' increasingly complex financial lives, including investing in the growing private markets and handling multigenerational planning, a JPMorgan spokeswoman said Friday.

David Frame, who was named global CEO of the private bank in 2025, previously led the U.S. as part of his remit. Miller and Sinclair will now be dedicated to running that business, which is the private bank's largest market. Of the private bank's $3.8 trillion in client assets, $2.4 trillion is in the U.S.

The U.S. is central to the global private bank's momentum over the past five years, Frame said in a press release, adding that Miller and Sinclair are well-positioned to lead the U.S. private bank "into its next chapter."

The private bank is part of JPMorgan's broader asset- and wealth management division, led by Mary Callahan Erdoes. The private wealth arm faces stiff competition from all angles: its counterparts at Bank of America and Citigroup, which have elite private banks of their own, as well as smaller yet influential independent wealth firms.

They are all seeking to do more work with ultrarich clients as their wealth in the U.S. expands rapidly. The wealthiest 1% of U.S. households owned 32% of the nation's total household wealth at the end of 2025, up from some 23% at the end of 1990, according to the Federal Reserve.

Miller also chairs the advisory council for the New York City market leadership team, focused on growing the business in a key, affluent market, while Sinclair is the global co-head of the family office practice and head of the financial leaders group. Miller and Sinclair joined the firm in 2002 and 2007, respectively.