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JP Morgan Revamps US Wealth Arm
Tom Burroughes
13 December 2019
4,000 advisors who work out of 3,500 branches and 21 offices.” The bank is competing against banks and technology-driven start-ups pitching to Millennials and “first-time” investors. The space is in ferment: Charles Schwab’s recently-announced agreement to buy TD Ameritrade will bolster the former’s standing as the largest US discount broker.
The memo said that Kristin Lemkau will become CEO of US Wealth Management, reporting to Smith, and serving on Callahan Edoes' AWM Operating Committee. Lemkau had been chief marketing officer of JP Morgan Chase. She has worked with Smith and the CEOs of the consumer and community banking businesses. She’s been at the firm for 21 years.
The wealth management arm serves the client segment with up to $25 million of investible assets. JP Morgan’s private bank serves clients, meanwhile, higher up the AuM spectrum. The private bank will continue to report to Callahan Edoes and Nicolas Aguzin as the CEO of International business and David Frame as the CEO of the US.