JPMorgan's digital service targeting bank clients and brokerage units will merge with other wealth management units at the company, according to news reports.
In a bid to combine several units for clients with up to $25 million in assets, JPMorgan will merge its U.S. wealth management operations catering to affluent clients with its Chase bank branch-based financial advisory unit and You lnvest, its new online brokerage, the Wall Street Journal writes citing a memo.
Kristin Lemkau, currently the bank’s marketing chief, will head the combined unit, the memo says, according to the paper.
The new unit will not include JPMorgan’s private bank, which serves ultra-wealthy clients, the Journal writes.
The move appears to be part of the company’s broader plan to grow its wealth management operations, particularly faced with competition from start-ups and discount brokerages.
JPMorgan CEO James Dimon told shareholders in early 2018 that he thought the company could double its share but the “fragmented” nature of its operations had been an obstacle, according to the Journal.