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Business Insider
5 days ago
- Business
- Business Insider
JPMorgan is expanding an initiative to woo more wealthy clients
JPMorgan Chase is doubling down on plans to woo wealthier clients by opening 14 new financial centers. 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.
NBC News
6 days ago
- Business
- NBC News
JPMorgan Chase is heading upmarket to woo America's millionaires
JPMorgan Chase thinks it has cracked the code on managing more money for America's millionaires. It's not a new financial product, a novel software program or an enticing sign-up bonus. Instead, it's a refurbished take on an old concept — the brick-and-mortar bank branch — along with new standards for service that are at the heart of its aspirations. The bank is unveiling 14 of these new format branches — each acquired when JPMorgan took over First Republic in 2023 — in tony ZIP codes in New York, California, Florida and Massachusetts, including Napa, Palm Beach and Wellesley Hills. It's part of JPMorgan's push to convince affluent Americans, many who already use Chase checking accounts or credit cards, that the bank is ready to manage their millions. JPMorgan is the country's biggest bank by deposits and assets and has a top share in areas as disparate as Wall Street trading and retail credit cards. But one of the only major categories where it isn't a clear leader is in wealth management; peers like Morgan Stanley and Bank of America exceed it there. While half of the 19 million affluent households in the U.S. bank with JPMorgan, it has just a 10% share of their investing dollars, according to Jennifer Roberts, CEO of Chase Consumer Banking. 'We have this giant opportunity to convince customers to have their wealth management business with us in addition to their deposit relationship,' Roberts said in a recent interview. Helped by its acquisition of First Republic, which was known for catering to rich families living on either coast, JPMorgan decided to launch a new tier of service. Called J.P. Morgan Private Client, it is anchored by the new physical locations, of which there will be 31 by the end of next year. The service comes with its own mobile banking app, but its main appeal is the in-person experience: Instead of being handed off to multiple employees like at a Chase branch, J.P. Morgan Private Client members are assigned to a single banker. 'What First Republic did really well was deliver a concierge-level of service where if you have an issue, a person owned it for you and you didn't have to worry about it,' Roberts said. 'So with this experience we are going to deliver a more elevated concierge type of service, like you would expect at a high-end hotel.' The price of entry: at least $750,000 in deposits and investments, though Roberts said the bank is aiming for those with around $2 million to $3 million in balances. Quiet opulence The new locations, dubbed J.P. Morgan Financial Centers, have a warm feel and an earth-tone color palette that intentionally sets them apart from the nearly 5,000 Chase branches operated by the bank. During a recent visit to a Manhattan location, the vibe is family office-meets hotel, with soaring ceilings, living room-style seating areas and art-filled meeting rooms scattered over two floors. Gone is the traditional row of bank tellers; there is instead a concierge desk and a solitary ATM machine. Instead of lollipops, visitors are offered squares of Dylan's chocolate. The space is quiet, except for the crack of a Perrier being opened or the whir of an espresso machine. The design elements and hushed environment are 'really meant to illustrate that we're there to have a more serious, less-transactional conversation about your wealth planning over the course of time,' said Stevie Baron, JPMorgan's head of affluent banking. Those conversations involve planning for long-term goals and examining clients' portfolios to see whether they are on track to reach them, he said. Elements of the new high-end branch format could find their way to regular Chase branches, especially the 1,000 or so that are in high-income areas, Baron said. JPMorgan executives have said the bank's branch network has already succeeded as a feeder into the firm's wealth management offerings. The new service tier — which sits above the bank's Chase Private Client offering, which is for those with at least $150,000 in balances and is delivered in the regular branches — is expected to help JPMorgan's retail bank double client assets from the $1.08 trillion it reached in March. 'Obviously it's a big challenge, because clients already have their established wealth managers, but it's something that we've been making really strong progress in,' Roberts said. Come one, come all But attempting to create a new, more luxurious brand from a mainstream one — think the difference between Toyota and its luxury brand Lexus — is not without its risks. Or at least, momentary confusion. So far, the two flagship financial centers in New York and San Francisco opened late last year haven't seen heavy foot traffic, Roberts admitted. 'Our biggest challenge is that we don't have people walking in because they don't really understand what they are,' Roberts said. 'So we just need to get the awareness out there.' While JPMorgan is leaning on the first part of its name, rather than Chase, to signal exclusivity for the new branches, that may deter people from walking through the doors and starting conversations. 'I just want this to be acknowledged: We're never going to turn someone away. Any customer can come and leverage any of our branches at any time,' Roberts said. 'We want people walking in, having the experience, meeting with our experts and understanding how we can help support their financial goals over time,' she said. JP Morgan's Palm Beach JP Morgan
CNBC
6 days ago
- Business
- CNBC
JPMorgan Chase is heading upmarket to woo America's millionaires
JPMorgan Chase thinks it has cracked the code on managing more money for America's millionaires. It's not a new financial product, a novel software program or an enticing sign-up bonus. Instead, it's a refurbished take on an old concept — the brick-and-mortar bank branch — along with new standards for service that are at the heart of its aspirations. The bank is unveiling 14 of these new format branches — each acquired when JPMorgan took over First Republic in 2023 — in tony zip codes in New York, California, Florida and Massachusetts, including Napa, Palm Beach and Wellesley Hills. It's part of JPMorgan's push to convince affluent Americans, many who already use Chase checking accounts or credit cards, that the bank is ready to manage their millions. JPMorgan is the country's biggest bank by deposits and assets and has a top share in areas as disparate as Wall Street trading and retail credit cards. But one of the only major categories where it isn't a clear leader is in wealth management; peers like Morgan Stanley and Bank of America exceed it there. While half of the 19 million affluent households in the U.S. bank with JPMorgan, it has just a 10% share of their investing dollars, according to Jennifer Roberts, CEO of Chase Consumer Banking. "We have this giant opportunity to convince customers to have their wealth management business with us in addition to their deposit relationship," Roberts said in a recent interview. Helped by its acquisition of First Republic, which was known for catering to rich families living on either coast, JPMorgan decided to launch a new tier of service. Called J.P. Morgan Private Client, it is anchored by the new physical locations, of which there will be 31 by the end of next year. The service comes with its own mobile banking app, but its main appeal is the in-person experience: Instead of being handed off to multiple employees like at a Chase branch, J.P. Morgan Private Client members are assigned to a single banker. "What First Republic did really well was deliver a concierge-level of service where if you have an issue, a person owned it for you and you didn't have to worry about it," Roberts said. "So with this experience we are going to deliver a more elevated concierge type of service, like you would expect at a high-end hotel." The price of entry: at least $750,000 in deposits and investments, though Roberts said the bank is aiming for those with around $2 million to $3 million in balances. The new locations, dubbed J.P. Morgan Financial Centers, have a warm feel and an earth-tone color palette that intentionally sets them apart from the nearly 5,000 Chase branches operated by the bank. During a recent visit to a Manhattan location, the vibe is family-office-meets hotel, with soaring ceilings, living room-style seating areas and art-filled meeting rooms scattered over two floors. Gone is the traditional row of bank tellers; there is just a solitary ATM machine. Instead of lollipops, visitors are offered squares of Dylan's chocolate. The space is quiet, except for the crack of a Perrier being opened or the whir of an espresso machine. The design elements and hushed environment are "really meant to illustrate that we're there to have a more serious, less-transactional conversation about your wealth planning over the course of time," said Stevie Baron, JPMorgan's head of affluent banking. Those conversations involve planning for long-term goals and examining clients' portfolios to see whether they are on track to reach them, he said. Elements of the new high-end branch format could find their way to regular Chase branches, especially the 1,000 or so that are in high-income areas, Baron said. JPMorgan executives have said the bank's branch network has already succeeded as a feeder into the firm's wealth management offerings. The new service tier — which sits above the bank's Chase Private Client offering, which is for those with at least $150,000 in balances and is delivered in the regular branches — is expected to help JPMorgan's retail bank double client assets from the $1.08 trillion it reached in March. "Obviously it's a big challenge, because clients already have their established wealth managers, but it's something that we've been making really strong progress in," Roberts said. But attempting to create a new, more luxurious brand from a mainstream one — think the difference between Toyota and its luxury brand Lexus — is not without its risks. Or at least, momentary confusion. So far, the two flagship financial centers in New York and San Francisco opened late last year haven't seen heavy foot traffic, Roberts admitted. "Our biggest challenge is that we don't have people walking in because they don't really understand what they are," Roberts said. "So we just need to get the awareness out there." While JPMorgan is leaning on the first part of its name, rather than Chase, to signal exclusivity for the new branches, that may deter people from walking through the doors and starting conversations. "I just want this to be acknowledged: We're never going to turn someone away. Any customer can come and leverage any of our branches at any time," Roberts said. "We want people walking in, having the experience, meeting with our experts and understanding how we can help support their financial goals over time," she said.
Business Journals
21-04-2025
- Business
- Business Journals
JPMorganChase expands downtown San Francisco office presence
By submitting your information you are agreeing to our Privacy Policy and User Agreement . The New York bank is stepping up to revitalize downtown San Francisco, taking more office space and supporting nonprofits and small businesses downtown. JPMorganChase said Monday that it is raising its profile in downtown San Francisco, leasing additional space at 560 Mission St., maintaining some space it leases at One Front St. and providing philanthropic support to help small businesses and nonprofits focused on downtown. In a high-profile move, the bank will expand its presence at 560 Mission St., where it will lease almost 280,000 square feet, adding more than 65,000 square feet to the space it leases in the building built in 2002. JPMorganChase's (NYSE: JPM) downtown expansion plans at 560 Mission captured headlines in January. The bank is scheduled to announce its plans at a press conference featuring San Francisco Mayor Daniel Lurie on Monday morning. As part of the bank's expansion at 560 Mission, the building owned by CommonWealth Partners will be renamed the JPMorganChase Center, with the addition of JPMorganChase's logo on the building's ground floor exterior and other key locations. JPMorganChase will serve as the New York-based bank's local headquarters. 'JPMorganChase is showing the kind of partnership San Francisco needs,' Lurie said in a news release Monday. 'By renaming and renovating 560 Mission as the JPMorganChase Center, they're making a clear bet on our city's future. 'My administration is focused on creating the conditions for growth downtown — through safer, cleaner streets and reforms to make permitting faster,' Lurie said. 'The message is getting out, and San Francisco is on the rise.' JPMorganChase Center will house more than 1,600 of the bank's nearly 7,000 employees in the Bay Area. Tenants of 560 Mission St. also have access to the building's fitness center, cafe and dining area. Building amenities have become a big draw as more employers embrace return-to-office mandates. In early March, JPMorganChase began enforcing its policy requiring most employees to come into the office five days a week. Such policies may account for signs that return-to-office efforts are working in San Francisco, according to the latest data from 'Together we are committing to a significant investment into the property for JPMorganChase to deliver advanced standards of wellness, sustainability and vitality to support the firm's business for years to come,' Brett Munger, CEO and managing partner of Commonwealth Partners, said in the news release. JPMorganChase will also maintain 125,000 square feet that it leases at One Front St. The Paramount Group-owned building once housed First Republic Bank's operations before the bank collapsed in 2023. JPMorganChase bought First Republic from regulators in May 2023. First Republic had once leased 460,000 square feet at One Front St., according to Parmount's 2022 annual report. Chase gave up roughly 117,000 square feet of that space in the months following its First Republic purchase. Following the expiration of 244,000 square feet in July 2025, Chase was expected to have about 102,000 square feet of space at One Front represented in two leases that expire in 2029 and 2030. JPMorganChase plans renovations at both 560 Mission and One Front to enhance workspaces, create collaboration areas and update meeting rooms. The renovations will also include pantry areas, as well as prayer and maternity rooms. The New York bank estimates the renovation work will create nearly 500 local construction jobs. Of great significance to the city's hospitality sector, the J.P. Morgan Healthcare Conference will return to downtown San Francisco in 2026. In January, the gathering drew about 20,000 life science company executives, venture capitalists, investment bankers and angel investors into San Francisco's Union Square in one of the industry's biggest fundraising meet-and-greet sessions of the year. The bank also plans to open seven Bay Area J.P. Morgan Financial Centers, which were inspired by lessons learned in acquiring First Republic Bank to enhance services for wealthy clients. JPMorganChase is also providing $3.8 million in new philanthropic support for the downtown San Francisco economy with the aim of helping small businesses grow and attract residents and visitors to downtown streets. The fresh capital will help provide small businesses with loans to technical assistance to help them establish tenancy in vacant storefronts and reduce costs for them to open and expand. The bank's new philanthropic assistance will support Main Street Launch's Downtown San Francisco Vibrancy Loan Fund, SF New Deal's Small Business Storefront Accelerator and the San Francisco Bay Area Planning and Urban Research Association. The bank's new philanthropic support will also help the Chinatown Community Development Center's efforts to preserve and develop affordable housing and support the recovery of small businesses in San Francisco's Chinatown neighborhood. JPMorganChase is also an executive member of AdvanceSF and a founding member of the Partnership for SF. 'We've developed a firmwide strategy to support the city's downtown revitalization,' Tim Berry, global head of corporate responsibility for JPMorganChase, said in the news release. 'Through our business and philanthropy investments, we are creating over $1.2 billion in economic growth for San Francisco to boost the downtown economy, support local businesses, create jobs and bring workers, residents and visitors back to the city.' Largest Employers in San Francisco Employees out of San Francisco office(s) Rank Prior Rank Name/Prior rank 1 1 City and County of San Francisco 2 2 University of California 3 3 San Francisco Unified School District View this list
