JPMorgan to revamp wealth management business: WSJ

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(Reuters) – JPMorgan Chase & Co (N:) is combining its U.S. wealth-management operations for affluent clients and the Chase branch network’s financial-advisory business into a new unit, The Wall Street Journal reported on Wednesday, citing a memo.

The new unit, to be headed by marketing chief Kristin Lemkau, will position the bank to have one set of operations for clients with up to $25 million in assets, while JPMorgan’s private bank for ultra wealthy clients will remain separate, the report said

JPMorgan did not immediately respond to Reuters request for comment.

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