Here's What JPMorgan Is Doing With Those First Republic Bank Locations It Acquired Two Years Ago: 'Expanding Its Affluent Banking'
By Erin Davis
In May 2023, JPMorgan Chase acquired a "substantial majority of assets and assumed the deposits and certain other liabilities" of First Republic Bank after it collapsed and was seized by regulators. The deal also included First Republic's brick-and-mortar locations.
Two years later, JPMorgan is announcing what it's doing with the real estate: opening 14 new "J.P. Morgan Financial Centers" in four states that are "thoughtfully designed to cater to the needs of affluent clients," according to a company statement.
Related: JPMorgan Chase Says AI Could Cut Headcount By 10% in Some Divisions: 'We Will Deliver More'
"Through these Financial Centers, we are redefining how affluent clients are served, offering a highly personalized level of service that is backed by the global capabilities of JPMorganChase," said Jennifer Roberts, CEO of Chase Consumer Banking, in a statement.
Two locations are already open, 14 will open in 2025, and then JPMorgan says it is doubling the total to 31 by the end of 2026. The new branches are opening (mostly) in the former First Republic locations that JPMorgan acquired in May 2023, including Palm Beach, Florida; Napa, California; Madison Avenue, New York; and Cambridge, Massachusetts, according to the release.
"These new Financial Centers offer a highly personalized service model, providing greater flexibility to meet clients' needs with exceptional attention and care," Roberts said.
Clients with more than $750,000 in qualifying deposits and investment balances are welcome at the new, office-based model, which was inspired by First Republic, JPMorgan notes.
Customers who don't live near a new center can still access the services at their current location or remotely.
Chase also offers a lower-tier called "Private Client," which is for clients with $150,000 or more in qualifying deposits and investment balances. It is available in all 5,000 Chase branches nationwide, per the release.
Related: 'This Has to Stop': JPMorgan CEO Jamie Dimon Outlines How to Run a Successful Meeting
In May 2023, JPMorgan Chase acquired a "substantial majority of assets and assumed the deposits and certain other liabilities" of First Republic Bank after it collapsed and was seized by regulators. The deal also included First Republic's brick-and-mortar locations.
Two years later, JPMorgan is announcing what it's doing with the real estate: opening 14 new "J.P. Morgan Financial Centers" in four states that are "thoughtfully designed to cater to the needs of affluent clients," according to a company statement.
Related: JPMorgan Chase Says AI Could Cut Headcount By 10% in Some Divisions: 'We Will Deliver More'
The rest of this article is locked.
Join Entrepreneur+ today for access.
Already have an account? Sign In
entrepreneur
