JPMorgan expands Chase private client business

Wed Jul 20, 2011 3:52pm EDT

* Chase opens private client offices in NYC, Greenwich

* Expands wealth management for affluent Chase customers

By Joseph A. Giannone

NEW YORK, July 20 (Reuters) - JPMorgan Chase & Co (JPM.N) has opened the first two of a planned 150-plus new Chase Private Client offices across the United States, aiming to offer wealth management services to its retail bank customers.

Chase Private Client opened a new location in Greenwich, Connecticut, on Wednesday and one on New York City's Upper West Side on Tuesday, the bank said. It already had 16 offices.

The Chase Private Client program lets clients work with a personal banker who can offer preferred rates and specialized loans, as well as an investment adviser.

Chase Private Client was launched as a pilot in 2007 for Chase customers with $500,000 of assets to invest. These are customers who do not have the multiple millions of dollars needed to qualify for J.P. Morgan's Private Bank or Private Wealth Management units.

JPMorgan Chase, during its February investor day, disclosed plans to add 50 private client locations this year and have about 150 by the end of 2013.

Chase this week said the Private Client business will be able to work with banking customers in more than 250 outside locations this year and 600 branches by the end of 2013.

The initative "is a recognition and response to the evolving needs of our affluent Chase customers," Chase Wealth Management Chief Executive Barry Sommers said in a statement. (Reporting by Joseph A. Giannone; Editing by Gary Hill)

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