Consequently, the firm is looking to target top executives at the more than 200 public companies based in San Francisco and Silicon Valley for its private banking services, according to a report by the San Francisco Business Times.

currently has a team of more than 100 private bankers and advisors working in its San Francisco and Palo Alto offices. The private bank will soon take additional space in the bank's office tower at 560 Mission St in San Francisco, with the works expected to be done by mid-2014.

As part of the Bay Area expansion, JP Morgan sent managing director Jeremy Geller to Palo Alto in February, while Christine Leong, managing director in San Francisco transferred from the bank’s offices in New York.

Both executives said Northern California is a key focus for the firm, having hired aggressively in recent months in order to build out its regional franchise.

Half of this year's Bay Area hires for JP Morgan's private bank have been transfers of private bankers from the firm’s other markets.

The hiring pattern “reflects JP Morgan's private banking focus by client sectors, such as venture capitalists, private equity firms, hedge-fund operators or venture-backed private companies, much like investment bankers concentrate on specific industries to better understand common issues facing clients”, said Geller to the San Francisco Business Times.

In this respect, the bank is not looking to reach a definite headcount, added Geller, “but will hire when the right candidates become available”.