One year after acquiring the failed First Republic Bank, JPMorgan Chase has introduced a new tier in its affluent-consumer wealth management services. The new offering, J.P. Morgan Private Client, merges JPMorgan's extensive brand, scale, and distribution channels with First Republic's renowned concierge service model.

Barron's reports that J.P. Morgan Private Client will serve clients who fall between the mass affluent category of Chase Private Client and the high- and ultrahigh-net-worth clients of J.P. Morgan Private Bank. This new service will be available at select JPMorgan corporate offices and 22 former First Republic branches, now being converted into "J.P. Morgan financial centers."

Mark O'Donovan, CEO of Chase Home Lending emphasized that this initiative focuses on deepening banking and wealth relationships, rather than driving acquisition through low-cost mortgages, a strategy formerly employed by First Republic.

JPMorgan acquired most of San Francisco-based First Republic on May 1, 2023, after the bank's collapse due to a deposit run triggered by the sudden failure of Silicon Valley Bank. Following the acquisition, JPMorgan stabilized First Republic's deposit base, retaining about 85 percent of its client base and 80 percent of its workforce. Core deposits increased by 20 percent post-acquisition.

According to Barron's, the company since has closed about half of First Republic's 84 offices, rebranding the remaining locations either as J.P. Morgan Private Client centers or Chase Bank branches. The company expects the migration of 800,000 First Republic deposit accounts to JPMorgan's systems.

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