JP Morgan’s private wealth management business has appointed Lester Pataki as national banking practice leader and chairman of its law firm group - a unit which serves as a family office for top law firms and lawyers.

Mr Pataki joins JP Morgan from Citi Private Bank, where he had been global head of the law firm group for the past five years. Prior to this, he was head of strategy for Citi’s US private bank.

Reporting in his new role to Joseph Kenney, chief executive of private wealth management at JP Morgan, Mr Pataki also joins the business’ operating committee.

“The continued growth of our banking and credit capabilities are vital to our momentum in penetrating the high net worth market across the US. Lester’s sharp business and strategic acumen will be a huge asset for us,” said Mr Kenney.

In other developments, JP Morgan announced yesterday that it had received approval to repay in full the $25 billion in funds it received under the US authorities’ Troubled Asset Relief Programme.