NEW YORK Oct 28 JPMorgan Chase & Co.
has hired Michael Boardman to run banking, financial planning
and investment management services for clients who do not
qualify for its premier asset management and private banking
As chief executive of Chase Wealth Management, Boardman will
oversee about 3,000 financial advisers at the company's 5,600
branches that oversee $179 billion of assets.
Customers include the segment known as the mass affluent,
with $250,000 to $5 million in deposits and investment balances,
who are branded "Private Clients" and serviced at 2,000
branches, as well as lower-tier prospects throughout the system.
The bank's wealthiest individual clients, with more than $5
million of banking and investment assets, are serviced through
the private banking and brokerage units of JPMorgan's asset
management division run by Mary Erdoes.
Boardman, 49, held a similar post at Minneapolis-based U.S.
Bancorp, where he was president of The U.S. Bank Private
Client Reserve, which included 1,300 advisers in 19 states. U.S.
Bank said Monday that Mike Ott, who has been central region
president of client reserve and was formerly head of equity
research at Piper Jaffray Cos., will replace Boardman.
Boardman, who will join on Nov. 18, will assume duties that
had been overseen by Barry Sommers, who since May has been chief
executive of all of the New York-based company's consumer