The chief executive set out goals for boosting wealth management market share in his annual letter to investors.

JP Morgan is eyeing growth in the wealth management space, and believes it can double its market share in the next 10 years, chief executive Jamie Dimon said this week.

In an annual letter to shareholders, the head of the US’ largest bank said adding “bankers, branches and better products” would facilitate growth in the ultra-high net worth market.

"In the United States," the letter stated, "our share of the ultra-high net-worth market ($10 million or greater) is 8 per cent. We believe we have a superior business and that we can grow our share by essentially adding bankers, branches and better products.

"In the high net worth business ($3 million to $10 million) and the Chase affluent business ($500,000 to $5 million), our market shares are only 1 per cent and 4 per cent, respectively. We have no doubt that we can grow by adding bankers and locations, particularly because we have some exciting new products coming soon. There is no reason we can't more than double our share over the next 10 years.

"We are also adding new products, like index funds and exchange-traded funds (ETF), that we believe will help drive growth,” the latter concluded.

In leaning JP Morgan more toward wealth management, Dimon’s firm would join the likes of Credit Suisse, Deutsche Bank and UBS as they hire more private bankers globally to better tap the world’s affluent.