JP Morgan expanding services to wealthy clients in California (San Diego: living in, move to)

[18Montclair]

Dedicated to my former employer...LOL

For J.P. Morgan, the wealth management expansion underscores a broader push to beef up its operations in a region where it hasn't had a significant presence. J.P. Morgan has already announced plans to open 90 more bank branches in California in 2010, boosting its total to 800 in the state.

The private wealth business, which targets investors with a net worth of $2 million to $25 million, also plans to open offices in San Diego, Orange County and Palo Alto to reach a total of 12 offices, located from Denver to California by the end of the year.

"We're going in with a clean pair of hands, so to speak," Wise said, adding that J.P. Morgan has an opportunity to tap into the 650,000 western U.S. households with a net worth of $2 million to $25 million or the 10% to 15% of wealthy individuals living in the California region.

Wise says the firm's growth projection will involve a combination of hiring bankers from competitors as well as developing new talent from within J.P. Morgan.

"There are no shortage of people from Europe, that have called me and want to move to California, he said.

In one example of a personnel shift within the bank, J.P. Morgan said Tuesday that John Muirhead would relocate from managing the Latin America investor team and become head of its private wealth office in San Francisco.


JP Morgan Plots Private Wealth Growth In Western US - www.capital.gr