* Chase opens private client offices in NYC, Greenwich
* Expands wealth management for affluent Chase customers
By Joseph A. Giannone
NEW YORK, July 20 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)