for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

JPMorgan to revamp wealth management business: WSJ

FILE PHOTO: A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segar/Files/File Photo

(Reuters) - JPMorgan Chase & Co JPM.N is combining its U.S. wealth-management operations for affluent clients and the Chase branch network's financial-advisory business into a new unit, The Wall Street Journal reported on Wednesday, citing a memo.

The new unit, to be headed by marketing chief Kristin Lemkau, will position the bank to have one set of operations for clients with up to $25 million in assets, while JPMorgan's private bank for ultra wealthy clients will remain separate, the report said here&page=1&pos=1.

JPMorgan did not immediately respond to Reuters request for comment.

Reporting by Uday Sampath in Bengaluru; Editing by Shailesh Kuber

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up