JPMorgan Chase Has New Banking Model for Affluent Clients

JPMorgan Chase is doubling down on its commitment to its affluent clients in the form of an exclusive new type of branch.

The New York-based bank announced that it will repurpose some former First Republic locations across four states into JP Morgan Financial Centers designed for upper-echelon customers, L.A. Business First reported. Los Angeles will receive two of them at 16300 Ventura Boulevard in Encino and 601 North Sepulveda Boulevard in Manhattan Beach.

JPMorgan Chase acquired First Republic in 2023 after federal regulators seized the San Francisco-based bank. The expansion includes 14 new locations, bringing the current number to 16, with a total of 31 planned to open by the end of next year.

At these first-of-their-kind locations, JPMorgan’s private client service would pair relationship managers with clients who have at least $750,000 in deposits or investment balances. The services offered would typically include personal and business banking, lending, investing and financial planning.

Some of the former First Republic branches are located in areas popular with wealthy clients, including Palm Beach, Florida; Napa, California; Cambridge, Massachusetts; and on Madison Avenue in New York City.

Clients across the country will have access to their services on a remote basis, however, thanks to the office-based model the bank picked up from First Republic.

“The power of our coverage model means we can serve affluent clients according to their personal preferences,” Stevie Baron, JPMorgan Chase’s head of private client banking, said in a statement. “Clients can visit a financial center, or work with a relationship manager in one of our office locations, if that is more convenient.”

Jennifer Roberts, CEO of Chase consumer banking, said the new setup offers a “highly personalized level of service” bolstered by the company’s “strategy of an extensive branch network, combined with great digital capabilities, and a team of experts who can advise customers on a variety of topics.”

— Chris Malone Méndez