JPMORGAN Chase & Co is combining its US 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 mil (RM104.1 mil) in assets, while JPMorgan’s private bank for ultra wealthy clients will remain separate, the report said.
JPMorgan did not immediately respond to Reuters’ request for comment. – Reuters
