JPMorgan Chase plans to expand its workforce of private bankers as the wealthy move out of banks hit hard by the financial crisis and into stronger ones, the chief executive of its American private bank has told the Reuters Global Wealth Management summit.

Chief executive Catherine Keating said: “We are investing in people and we hope to add an additional 10 per cent in the next year.”

The bank, historically strong in the north-east of the US, is making a push to find new clients in the south-east and on the west coast, Ms Keating said.

In each of the last two years, JPMorgan’s private bank in the US added more new clients than ever before – and another record might be set this year, Ms Keating said: “It is a close call and we still have a quarter to go, but it could happen.”