JPMorgan Appoints David Frame Global Private Bank CEO
JPMorgan Appoints David Frame Global Private Bank CEO

JPMorgan Appoints David Frame Global Private Bank CEO

News summary

JPMorgan Chase has appointed David Frame as the global CEO of its private banking unit, expanding his current role as U.S. private bank CEO. Frame will report to Mary Callahan Erdoes, CEO of JPMorgan Asset & Wealth Management, which oversees more than $6 trillion in assets. This strategic move underscores JPMorgan's commitment to growing its private banking business, which manages over $2.9 trillion in client assets worldwide and focuses on serving high-net-worth individuals through investment solutions, lending, estate planning, and philanthropy. The appointment reflects the rising demand for private banking services amid geopolitical tensions and economic uncertainty, as wealthy clients seek diversified, cross-border investments and access to private markets. JPMorgan's enhanced focus on wealth management aims to provide stable revenue streams amid market volatility, positioning the bank to leverage the expanding global pool of wealth. Other major banks, including Morgan Stanley and Citigroup, are similarly emphasizing private banking to diversify away from more cyclical trading and deal-making activities.

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