David Frame, who previously served as the U.S. head of the private bank, has been appointed to the new role, the Wall Street Journal (WSJ) reported Thursday (July 3).
The reorganization of the private bank and the creation of the new role are meant to help the bank assist its wealthy customers in storing their money around the world, according to the report. Previously, the private bank focused on clients in individual countries.
The private bank requires a minimum balance of $10 million and has found that these wealthy individuals want to diversify their investments rather than keeping their assets in a single country or region, the report said.
While there has long been demand for this sort of diversification, it has been accelerated by concerns about issues like global conflicts and trade tensions, per the report.
“The wealthier you get, the more you feel you’re a citizen of the world,” Frame told the WSJ. “If that doesn’t happen with the first generation of a family, it starts to happen with the second and the third.”
In another effort focused on wealthy customers, JPMorgan Chase said in May that it is accelerating the rollout of the affluent banking offering it introduced late last year.
After opening two J.P. Morgan Financial Centers in late 2024, the bank said it would add 14 more in May and would have 31 in operation by the end of 2026.
This 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.
Other companies aim to serve wealthy customers as well.
Citigroup reported in April that its Wealth segment posted its strongest quarter in recent memory, with revenue up 24%, net interest income up 30% and non-interest revenue up 16%.
It was reported in January that FinTech company Revolut was looking to expand its offerings into private banking, focusing on individuals with over $1 million in liquid assets.
