After JP Morgan acquired First Republic in a type of "shotgun wedding" it also acquired a number of affluent clients. The bank is now opening 14 physical locations in more upscale parts of cities.

JP Morgan is opening 14 new branches – a result of its takeover of First Republic in 2023 – reverting to a physical presence in cities aimed at affluent clients.

While many banks are shifting to an online model and cutting their brick-and-mortar branches of old, the move suggests that there is a bit of a pushback. 

The US bank is opening branches in New York, California, Florida and Massachusetts, including Napa, Palm Beach and Wellesley Hills. The strategy is aimed at competing more vigorously against rivals such as Morgan Stanley. 

"JP Morgan Chase leaders will officially open the new centers this week in California, Florida, Massachusetts and New York in local ribbon-cutting ceremonies. Combined with the two J P Morgan Financial Centers that opened in late 2024, the firm has a total of 16 locations, with plans to nearly double that by the end of next year," the US banking group said.

Jennifer Roberts, CEO of Chase Consumer Banking, has said that although half of the 19 million affluent households in the US bank with JP Morgan, it has just a 10 per cent share of their investing dollars.

The purchase in 2023 of First Republic – at the behest of the US federal government following First Republic’s dire financial situation – means that JP Morgan Chase can tap into the acquired bank’s service to wealthy individuals on the West and East coasts. 

"JP Morgan Chase has been steadily expanding its affluent offering to help clients build better futures for themselves and their families by continuing to offer best-in-class services, products and benefits, based on relationship value," the bank said. Chase Private Client is a relationship product designed for clients with $150,000 or more in qualifying deposit and investment balances. It is available in all 5,000 Chase branches. JP Morgan Private Client introduces the next level of affluent relationship offerings for clients with more than $750,000 in qualifying deposit and investment balances."

“The power of our coverage model means we can serve affluent clients according to their personal preferences,” Stevie Baron, head of affluent banking, said. “Clients can visit a financial center, or work with a relationship manager in one of our office locations, if that is more convenient. We’re excited to expand this new service model across our financial centers and remote offices to deliver highly personalized care and full access to the capabilities that JP Morgan Chase can offer in service of our clients’ ambitions for their wealth and legacies.”

In April, JP Morgan announced a 23 per cent year-on-year rise in net income at its wealth and asset management arm, reaching $1.583 billion in the first quarter of 2025.