JPMorgan is forming a new U.S. wealth unit by combining some $400 billion in assets now with Chase Wealth Management and JPMorgan Securities and has tapped its marketing chief Kristin Lemkau as its CEO, according to multiple reports.
Lemkau will report to the head of consumer banking, Gordon Smith, JPMorgan said in a memo obtained by Bloomberg.
The memo notes that the wealth unit, which will focus on investors with up to $25 million in assets, will include digital services and the bank’s You Invest team. Investors with more than $25 million will stay with JPMorgan’s private bank, according to the Wall Street Journal.
As of Sept 30, 2019, JPMorgan had some 2,900 financial advisors — up about 65 from the year-ago period.