J.P. Morgan Picks Up $2B Advisor Team From Citi
The three-person advisor team has joined the J.P. Morgan Private Bank team in Seattle.
J.P. Morgan Private Bank said Thursday that a three-person advisor team joined the firm in Seattle after collectively overseeing over $2 billion in client assets in their prior positions at Citi Private Bank.
The advisors specialize in offering comprehensive investment and wealth planning guidance to clients, J.P. Morgan said.
Citi declined to comment on Tuesday.
Why it matters: J.P. Morgan is pushing to expand the work it does for high-net-worth and ultra-high-net-worth clients. Adding a team with $2 billion in client assets supports this push at the expense of Citi, which also wants to improve the business it does with wealthy investors.
What to know: J.P. Morgan Private Bank has “seen continued growth throughout the West region, including Puget Sound,” according to Olivier de Givenchy, managing director, region head of the West for J.P. Morgan Private Bank.
The firm’s Private Bank oversees over $2 trillion in client assets globally, according to the company.
JPMorgan Chase has over 160 branches in the state of Washington, with 2,100 local employees serving 1.5 million consumer clients and 118,000 small businesses, the company said. The bank also serves larger companies with its commercial banking and investment banking businesses.
Looking ahead: J.P.Morgan expects to recruit more advisors in the region.
The bank continues to “see opportunities for our team to grow” in Seattle, according to David Frame, CEO of J.P. Morgan U.S. Private Bank. “We are committed to hiring client-focused advisors, who are attracted to the firm by our strong brand reputation, breadth of our platform, and depth of our global resources.”
Photo Credit: Bloomberg.