JPMorganChase is accelerating the rollout of the affluent banking offering it introduced late last year.
Two of these J.P. Morgan Financial Centers opened in late 2024, and now 14 more will officially open this week, the bank said in a Tuesday (May 27) press release.
The bank plans to continue adding J.P. Morgan Financial Centers and to have 31 in operation by the end of 2026, according to the release.
“Through these Financial Centers, we are redefining how affluent clients are served, offering a highly personalized level of service that is backed by the global capabilities of JPMorganChase,” Jennifer Roberts, CEO of Chase Consumer Banking, said in the release.
This new branch format is designed to cater to the needs of affluent clients by providing private meeting spaces, distinctive finishes, personalized support from a dedicated senior private client banker, and a full range of banking and wealth management offerings, according to the release.
The J.P. Morgan Financial Centers opening this week are in four states: California, Florida, Massachusetts and New York, per the release. Most are former First Republic locations that JPMorganChase acquired in May 2023.
The first two Financial Centers were opened in October in New York City and San Francisco, according to an Oct. 16 press release.
“When we meet with clients, they consistently say they want a relationship that spans across banking, lending and investments, and provides a seamless experience as they navigate the complexities of managing and growing wealth,” Roberts said in the Tuesday press release.
JPMorganChase acquired essentially all of the assets of First Republic Bank in May 2023 after First Republic’s collapse and takeover by regulators.
The bank’s presentation materials that accompanied an analyst call at the time showed that the deal would accelerate JPMorgan’s exposure to high-net-worth clients.
It was reported in February that JPMorganChase’s integration of First Republic Bank was progressing according to plan and that while the bank intended to close 30 branches out of the approximately 60 it acquired, it was working on transforming over 20 locations into J.P. Morgan branches with distinct branding and design, catering to affluent clients.
