JPMorgan Chase & Co plan on expanding its U.S. private banker force by 10% in the next several months in hopes of gaining new wealthy customers that are leaving banks that were hit hard by the financial crisis, according to a statement made by JP Morgan’s top U.S private banker.
Catherine Keating, chief executive of JP Morgan’s U.S. private bank announced the hiring at the Reuters Global Wealth Management Summit in Boston. According to Keating, “We are investing in people and we hope to add an additional 10 percent in the next year.”
JP Morgan currently oversees $350 billion in assets for its wealth clients in the United States and has 375 financial advisers to guide them where to invest their money. During the last two years, JP Morgan’s private bank added more new clients than at any point in its history. JP Morgan believes that 2009 might be another record year. Keating said, “It is a close call and we still have a quarter to go, but it could happen.”
JP Morgan Chase has traditionally been strong in the Northeast part of the United States and is now pushing to find new clients on the West Coast, according to Keating. JP Morgan acquired Washington Mutual, a failed Seattle-based thrift, in 2008. JP Morgan is hoping to use its Washington Mutual ties to expand its private banking business on the west coast.
