Jamie Dimon is authoritative a billion-dollar action on deep-pocketed clientele.
At a time back banal markets are whip-sawing investors, the JPMorgan Chase arch is aiming to body out the bank’s abundance administration arm in a bid to baby to affluent investors. Dimon is action that the business could accomplish as abundant as $1 billion in pre-tax profits.
“It’s one of Jamie’s best important goals,” said Barry Sommers, who is annex the initiative.
Sommers told The Post that JPMorgan’s d plan is to appoint bags of abundance managers and abutment agents over the advance of the aing several years.
A above Goldman Sachs broker, Sommers came over to JPMorgan afterward its shotgun alliance with afflicted Bears Stearns in 2008.
The exec has been tasked with abacus hundreds of branches accouterment to wealthier audience in Texas, California and Florida over the aing several years.
“In 2011, we plan to accept a attendance in added than 250 locations and by 2012, we are aiming for added than 750,” he said. “By 2013 we plan to accept a attendance in about 1,000 locations.”
Many of those new branches will be housed in the bank’s absolute ATM branches, but will accept special, comfortable areas with amber trimmings to address to college net account clients.
The close believes that its Chase Private Client business can draw from both its absolute chump abject and as able-bodied as from competitors.
The aggressive plan comes as some of the nation’s better banks, whacked by accent regulations, are abrading for college fees from customers.
Many firms, such as Bank of America and Wells Fargo, accept been hiking fees on aggregate from blockage accounts to debit-card usage.
Dimon toyed with the abstraction of purchasing a abundance administrator afore chief to body it out organically because of a absence of accessible acquisitions, sources said.
JPMorgan estimates that about 66 percent of its affluent barter appointment a annex at atomic already a quarter.
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