JP Morgan has appointed Reuben Rashty to lead the firm’s private banking operations in Michigan, spanning offices in Grand Rapids, Bloomfield Hills, Ann Arbor and Grosse Pointe, Family Wealth Report can confirm.  

“With the rebounding of the Michigan economy and growth in HNW individuals and families, we see good growth potential in the state,” Doug Regan, Midwest regional head for JP Morgan, was quoted as saying in the Grand Rapids Business Journal.

Prior to taking up his market manager post, Rashty served as a senior banker at JP Morgan Chase Private Bank. In his new role, he will direct the team that offers deposit, credit, fiduciary and philanthropic services, and investment advice to high net worth clients.

Last week, JP Morgan reported that revenue from its private banking division was $1.4 billion for the fourth quarter 2012, up 19 per cent from the prior year, and flat compared to the previous quarter.