JPMorgan expands affluent banking network with 14 new financial centers

JPMorgan Chase is aiming to cater to more affluent Americans through new branches that offer a higher level of service. 

The locations, known as J.P. Morgan Financial Centers, are the bank's newest branch format. The Wall Street firm will open 14 new J.P. Morgan Financial Centers in California, Florida, Massachusetts and New York this week. Most of them are former First Republic locations acquired in May 2023. 

Tuesday’s announcement builds on the initial two J.P. Morgan Financial Centers that opened in late 2024.

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The bank has no plans to stop its expansion there, either. It is seeking to nearly double the number of these centers by the end of next year. 

"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," Chase Consumer Banking CEO Jennifer Roberts said in a statement. 

The centers are described as a place that is "thoughtfully designed to cater to the needs of affluent clients," with each location featuring private meeting spaces and "distinctive finishes."  

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The new formats are part of the bank’s broader push to expand its offerings for affluent clients. Chase Private Client is geared toward individuals with at least $150,000 in qualifying deposit and investment balances. 

However, J.P. Morgan Private Client serves those with more than $750,000 in qualifying balances. These clients receive highly personalized attention from a dedicated banker and a seasoned team of experts across personal banking, business banking, and lending. They also get access to J.P. Morgan Wealth Management advisers. 

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If clients are not near a financial center, they can still access the benefits of a J.P. Morgan Private Client relationship through relationship managers in offices designed to support clients remotely, the bank said.