JPMorgan Chase has appointed David Frame as the global CEO of its private bank, effective immediately.
This move positions Frame, previously the US private bank CEO, to lead the bank’s private banking operations on a global scale, reported Reuters.
The private bank, part of JPMorgan’s asset and wealth management division, caters to high-net-worth clients.
The private banking sector has gained prominence as global lenders aim to strengthen ties with wealthy clients and access the expanding global wealth pool.
In addition to investment management, private banks provide services like lending, estate planning, and philanthropy, contributing to stable fee income and diversifying revenue streams away from Wall Street’s volatility, reported the media outlet.
With over $2.9tn in client assets under management, JPMorgan’s private banking business is a significant player in the industry.
As geopolitical tensions and economic uncertainties rise, wealthy investors increasingly seek global private banks for cross-border investment advice and access to private markets.
Frame will continue to report to J.P. Morgan Asset and Wealth Management CEO Mary Callahan Erdoes, who oversees more than $6tn in assets.
In May, JPMorgan Chase opened 14 new financial centres in the four US states of California, Florida, Massachusetts, and New York.
The expansion follows the establishment of two additional centres in late 2024, bringing the total to 16, with plans to nearly double this number by the end of next year.