JPMorgan names insider David Frame global CEO of private bank
Housed within the largest U.S. bank's broader asset and wealth management business, the private bank offers investment solutions to high-net-worth individuals and families.
Private banking has become an increasingly important business for global lenders as they seek to deepen relationships with wealthy clients and tap into the growing pool of global wealth.
Beyond managing investments, private banks offer lending, estate planning and philanthropy services, helping to drive steady fee income and diversify banks' revenue streams away from more volatile and market sensitive Wall Street operations.
In the new role, Frame will lead the private bank globally, expanding his responsibilities beyond his current role as U.S. private bank CEO.
JPMorgan's private banking business oversees more than $2.9 trillion in client assets globally.
Rising geopolitical tensions and economic uncertainty are pushing wealthy investors to spread their money across markets and asset classes.
Demand is growing for global private banks that can offer cross-border investment advice, access to fast-growing private markets and help navigate risks tied to conflicts and trade disputes.
The bank said Frame will continue to report to Mary Callahan Erdoes, CEO of J.P. Morgan Asset and Wealth Management, which oversees over $6 trillion in assets.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
2 minutes ago
- Reuters
Trump hopes China will quickly quadruple its US soybean orders
Aug 10 (Reuters) - U.S. President Donald Trump said on Sunday that he hoped China would quadruple its soybean orders from the U.S, adding that it was also "a way of substantially reducing" Beijing's trade deficit with Washington. "China is worried about its shortage of soybeans. Our great farmers produce the most robust soybeans. I hope China will quickly quadruple its soybean orders. This is also a way of substantially reducing China's Trade Deficit with the USA. Rapid service will be provided. Thank you President XI," Trump said on Truth Social. A tariff truce between Beijing and Washington is set to expire on August 12, but the Trump administration has hinted that the deadline may be extended. China, which takes more than 60% of soybeans shipped worldwide, buys the oilseed mainly from Brazil and the United States. The most active soybean contract on the Chicago Board of Trade (CBOT) was up 2.13% at $10.08 a bushel at 0446 GMT, having been little changed before Trump's post. China imported roughly 105 million metric tons of soybeans last year, just under a quarter coming from the U.S. and the remainder from Brazil. Quadrupling shipments would require China to import the bulk of its soybeans from the U.S. "It's highly unlikely that China would ever buy four times its usual volume of soybeans from the U.S.," Johnny Xiang, founder of Beijing-based AgRadar Consulting, said. It is unclear if securing China's agreement to buy more U.S. soybeans is a condition for extending the trade truce. China's Ministry of Commerce did not immediately respond to a Reuters request for comment. The country has steadily reduced its reliance on U.S. soybeans in recent years, shifting more purchases to South America. Under the Phase One trade deal signed during Trump's first term, China agreed to boost purchases of U.S. agricultural products, including soybeans. However, Beijing ultimately fell far short of meeting those targets. This year, amid Washington–Beijing trade tensions, it has yet to buy any fourth quarter U.S. beans, fuelling concerns as the U.S. harvest export season approaches. "On Beijing's side, there have been quite a few signals that China is prepared to forego U.S. soybeans altogether this year, including booking those test cargoes of soymeal from Argentina," said Even Rogers Pay, an agricultural analyst at Trivium China. Reuters previously reported that Chinese feedmakers have purchased three Argentine soymeal cargoes as they aim to secure cheaper South American supplies amid concerns about a possible soybean supply disruption in the fourth quarter. U.S. soybean industry has been seeking alternative buyers, but no other country matches China's scale. Last year, China imported 22.13 million tons of soybeans from the U.S., and 74.65 million tons from Brazil.
Reuters
32 minutes ago
- Reuters
Exclusive: USPS blocks shipping of illicit vapes in boost for Big Tobacco
LONDON, Aug 11 (Reuters) - The U.S. Postal Service has cracked down on distributors of unregulated vapes using its services for business shipments, letters reviewed by Reuters show, in a blow to a multi-billion dollar industry that has dented Big Tobacco's sales. The letters, previously unreported, show that USPS wrote to major New York-based distributor Demand Vape, blocking it from using its services after New York City's Law Department, which represents the city's government and officials in legal matters, provided evidence that its shipments broke laws. USPS' action stands to benefit tobacco giants including Altria (MO.N), opens new tab and British American Tobacco (BATS.L), opens new tab, which have for years battled against unregulated vapes, mostly from China. Unregulated vapes lack the authorisation from the U.S. Food and Drug Administration that is required for them to be legally sold in the United States, the world's largest market for smoking alternatives. USPS revoked Demand Vape's mailing exception last month after it received evidence the company shipped vapes lacking FDA authorisation and that violated a local flavour ban, a letter from USPS to the company, dated July 15, showed. "Your local Buffalo BME Office will not accept any packages from... Demand Vape that contain ENDS products," the letter read, referring to electronic nicotine delivery systems, another term for vapes. Demand Vape said it complied with relevant laws and was contesting the revocation, adding the industry operates in a "regulatory grey zone" with only a small number of FDA-authorised products that do not meet consumer demand. "We reject any characterisation that paints Demand Vape as anything other than a transparent, lawful and reputable business," it said in a statement. USPS did not respond to a request for comment. So far, the U.S. Food and Drug Administration has authorised only 39 e-cigarette products. But unauthorised devices are widely available as authorities struggle to contain them. Under a 2021 law, USPS is restricted from mailing vapes directly to consumers, internationally and in most other circumstances. The limited exceptions include domestic shipments between businesses, which need a "mailing exception" and their shipments must comply with relevant laws. Some other large carriers, including FedEx, refuse to ship vapes. DHL only offers carriage for business shipments with prior approval. USPS has provided NYC's Law Department with a list of other vape firms it has granted mailing exceptions so it can assess whether they should be challenged, in line with legal requirements, Eric Proshansky, deputy chief of the city's division of affirmative litigation, told Reuters. This could further limit the number of carriers available to the unauthorised vape industry. Other options, such as using smaller carriers or handling freight directly, tend to be more costly. BAT estimated the unauthorised vape market was worth around 6 billion pounds ($8.05 billion) last year. It is, however, increasingly under pressure. This year's U.S. import tariffs and seizures at ports have reduced unauthorised vape imports. The FDA also wrote letters to 24 U.S.-based middlemen, including distributors that are crucial to the unauthorised vape market, as part of a crackdown in May. This has led to empty shelves in vape stores, said Tony Abboud, executive director of the Vapor Technology Association, which represents firms including Demand Vape. USPS revocations will further damage U.S. vape businesses, he said. One of the largest U.S. e-cigarette distributors, Demand Vape sells to some 5,000 retailers in 49 states, according to 2024 filings in a NYC lawsuit against the company. The evidence city attorneys provided to USPS included copies of invoices showing Demand Vape's sales of unauthorised e-cigarettes. Brands the FDA has specifically flagged as illegal to sell were among them, a separate letter reviewed by Reuters showed. ($1 = 0.7452 pounds)
Reuters
32 minutes ago
- Reuters
Rumble weighs near $1.2 billion bid for German AI cloud firm Northern Data
Aug 11 (Reuters) - U.S. video platform and cloud services provider Rumble (RUM.O), opens new tab is considering an offer of about $1.17 billion (1 billion euros) for German AI cloud group Northern Data ( opens new tab, according to statements from both companies. Rumble said on Sunday that a deal would give it control of Northern Data's GPU-rich cloud business, Taiga, and its large-scale data center arm, Ardent, with plans to integrate both into its own operations. The Taiga cloud unit holds a significant inventory of Nvidia GPU chips, including around 20,480 H100s and over 2,000 H200s. Northern Data said on Monday that its board is evaluating Rumble's potential offer and is open for further discussions. Rumble is considering offering 2.319 shares for each Northern Data share, both companies said. The proposed offer values Northern Data at about $18.3 per share, based on Reuters calculations, and represents a discount of about 32% to the German company's last closing price in Frankfurt. Reuters calculated the potential total deal value at approximately $1.17 billion. A deal on the current terms would result in Northern Data shareholders owning about 33.3% of Rumble's shares. Both companies said that a final offer, if made, is expected to be at a higher valuation. Stablecoin platform Tether, the majority shareholder of Northern Data, has expressed support for the transaction, according to the statements. A potential offer assumes that Northern Data's crypto mining unit will be divested prior to the completion of the deal, with proceeds from the sale used to reduce the existing loan extended by Tether to Northern Data. "Following consummation of the potential transaction, Tether would become an important customer of Rumble, with a multi-year commitment to purchase GPUs," Rumble said. However, the companies said there is no certainty that the discussions will ultimately result in a formal offer for the German group. (1 euro = $1.1664)
