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JPMorgan Chase is heading upmarket to woo America’s millionaires
In 2025, JPMorgan Chase plans to launch a dozen and two specialized branches aimed at wealthy clients in upscale U.S. markets to provide more tailored wealth management services.
This expansion follows JPMorgan's 2023 acquisition of First Republic and aims to provide a higher service tier above Chase Private Client for clients with at least $750,000 in assets.
The new centers offer concierge service inspired by First Republic, emphasizing serious wealth planning conversations in quieter, more exclusive settings.
CEO Jennifer Roberts highlighted a significant chance for the bank to encourage clients to manage their investment portfolios with the firm alongside their existing deposit accounts.
JPMorgan expects these centers to help double client assets in its retail bank and plans to reach 31 such centers by the end of 2026, signaling a push to attract America's millionaires.