December 11, 2019 / 8:47 PM / 2 months ago

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

JPMorgan did not immediately respond to Reuters request for comment.

Reporting by Uday Sampath in Bengaluru; Editing by Shailesh Kuber

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