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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.
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CNBC broke the news in United States on Tuesday, May 27, 2025.
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