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 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 and the Chase affluent business , 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 , 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.