JPMorgan is expanding an initiative to woo more wealthy clients
The New York-headquartered global bank previously ran two similar centers in the United States — one in New York City and one in San Francisco.
The new locations will be opened in four states: California, Florida, Massachusetts, and New York. Offices will include a location in Palm Beach, Florida, and one on Manhattan's Madison Avenue.
These office-based branches were first acquired when JPMorgan took over commercial bank and wealth management services provider First Republic in 2023.
The move is part of the financial services firm's mission to cater to its affluent clients and attract more of America's millionaires. By the end of 2026, it plans to have 31 such centers.
While JPMorgan leads the way in deposits and assets compared to Wall Street's biggest banks, competitors have a larger share of wealth management.
"Through these Financial Centers, we are redefining how affluent clients are served, offering a highly personalized level of service that is backed by the global capabilities of JPMorganChase," CEO of Chase Consumer Banking Jennifer Roberts said in a statement.
"These new Financial Centers offer a highly personalized service model, providing greater flexibility to meet clients' needs with exceptional attention and care."
Customers who hope to join the program need to have $750,000 in deposits and investments. Services available to clients include personalized attention from a banker and a team of experts in personal banking, business banking, lending, and planning, and JPMorgan wealth management advisors.
Each brick-and-mortar office is led by a "relationship manager." For those who don't live close to one of the financial centers, they'll be able to access the same services through the relationship managers, who are also meant to support remote members.
In 2024, Chase opened over 150 banks as part of its goal to open 500 new locations by the end of 2027.
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