The departing CEO is leaving the firm to pursue other opportunities.

The chief executive of JP Morgan’s US private bank, Kelly Coffey, is to leave the firm after being in the role for five years, this publication understands.

Coffey, who has spent 25 years at JP Morgan in a range of segments, including asset and wealth management, is leaving to pursue other opportunities.

The firm confirmed that her work to expand its footprint in more than 20 new locations over the next five years will still be part of its growth plan.

Barry Sommers, CEO of its wealth management operation, will assume responsibility for her direct reports.

As reported by this publication, the asset and wealth management arm of JP Morgan, which includes its private banking operations, logged a 7 per cent year-on-year rise in net income, standing at $724 million, in the three months to the end of September.