JPMorgan Chase is heading upmarket to woo America's millionaires

JPMorgan Chase thinks it has cracked the code on managing more money for America’s millionaires.

JPMorgan Chase thinks it has cracked the code on managing more money for America’s millionaires.

It’s not a new financial product, a novel software program or an enticing sign-up bonus. Instead, it’s a refurbished take on an old concept — the brick-and-mortar bank branch — along with new standards for service that are at the heart of its aspirations.

The bank is unveiling 14 of these new format branches — each acquired when JPMorgan took over First Republic in 2023 — in tony ZIP codes in New York, California, Florida and Massachusetts, including Napa, Palm Beach and Wellesley Hills.

It’s part of JPMorgan’s push to convince affluent Americans, many who already use Chase checking accounts or credit cards, that the bank is ready to manage their millions.

JPMorgan is the country’s biggest bank by deposits and assets and has a top share in areas as disparate as Wall Street trading and retail credit cards. But one of the only major categories where it isn’t a clear leader is in wealth management; peers like Morgan Stanley and Bank of America exceed it there.