JPMorgan to revamp wealth management business: WSJ

JPMorgan to revamp wealth management business: WSJ

JPMorgan Chase & Co is combining its U.S. wealth-management operations for affluent clients and the Chase branch network's financial-advisory business into a new unit, The Wall Street Journal reported on Wednesday, citing a memo.

FILE PHOTO:  JP Morgan Chase & Co. corporate headquarters in New York
FILE PHOTO: A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segar/Files/File Photo

REUTERS: JPMorgan Chase & Co is combining its U.S. wealth-management operations for affluent clients and the Chase branch network's financial-advisory business into a new unit, The Wall Street Journal reported on Wednesday, citing a memo.

The new unit, to be headed by marketing chief Kristin Lemkau, will position the bank to have one set of operations for clients with up to US$25 million in assets, while JPMorgan's private bank for ultra wealthy clients will remain separate, the report said https://www.wsj.com/articles/jpmorgan-takes-aim-at-rivals-in-wealth-business-revamp-11576095896?mod=searchresults&page=1&pos=1.

JPMorgan did not immediately respond to Reuters request for comment.

(Reporting by Uday Sampath in Bengaluru; Editing by Shailesh Kuber)

Source: Reuters

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