A New Strategy for a Global Class of Clients
JPMorgan Chase is transforming how it serves its wealthiest customers. The bank is reorganizing its private banking division to meet the needs of clients with at least $10 million in assets, many of whom are looking to invest far beyond their home countries. These ultra-wealthy individuals are seeking global diversification to protect their money from increasing geopolitical risks, trade disputes, and market instability.
To lead this effort, JPMorgan has created a new global role within its private banking unit. David Frame, who previously oversaw the U.S. private bank, has been promoted to global head. The shift marks a change in the bank’s approach—moving away from managing wealthy clients on a country-by-country basis to treating them as part of a single, global community.
“The wealthier you get, the more you feel you’re a citizen of the world,” Frame said in an interview. “If that doesn’t happen with the first generation of a family, it starts to happen with the second and the third.”
Why the Superrich Want to Go Global
In today’s world, wealth is no longer rooted in a single place. Clients are thinking globally—not only about where they live, but about where their money can grow and remain safe. JPMorgan’s private banking chief Mary Erdoes explained the shift by saying, “Our clients have always been multi-jurisdictional, but now their assets are too, and that’s becoming ever more so with how the world is changing.”
Concerns about war in the Middle East, U.S.-China tensions, and fragile economic alliances are pushing wealthy clients to spread their investments across regions. These clients want access to deals in Europe, Asia, and the Middle East—not just in the U.S.
That’s why JPMorgan’s private bank is becoming more global in its mindset and operations. The goal is to ensure clients can invest in the right opportunities, regardless of borders.
A Competitive Market for Billionaires
JPMorgan is not alone in trying to capture the attention of the world’s wealthiest. It faces stiff competition from Goldman Sachs, Morgan Stanley, and others. But JPMorgan is betting that its new global structure, strong deal flow, and personal connections will give it an edge.
In recent years, the bank has brought in over $15 billion in new assets from ultra-high-net-worth clients. It still trails rivals in some categories. For example, JPMorgan ranks third in separately managed accounts (SMAs), behind Goldman Sachs and Morgan Stanley’s Parametric. But it is closing the gap quickly.
SMAs are particularly attractive to the wealthy. They allow clients to directly own the securities in their portfolios, which provides flexibility and the ability to harvest tax losses. This method helps offset capital gains and reduces taxes. These benefits come with higher fees and are mostly used by the rich. According to one JPMorgan banker, SMAs “might be the fastest-growing piece of asset management over the last 18-plus months.”
Still, JPMorgan is well positioned. Its ultra-elite 23 Wall unit serves fewer than 1,000 families who together hold more than $4.5 trillion in assets. These families aren’t just rich—they are global power players, and they expect high-touch service and exclusive access.
Deals That Cross Borders
JPMorgan has already shown how powerful its global network can be. In 2022, when German automaker Porsche prepared to go public, JPMorgan’s investment bank was chosen to help with the initial public offering. The private bank joined in by reaching out to nearly 60 wealthy clients across the world. Ten of them agreed to invest, each contributing more than $100 million. It became the largest IPO in Europe in over a decade.
Even though Porsche shares have since dropped by nearly 50 percent, the deal showed how influential JPMorgan’s private bank can be in global finance.
The same strategy was used when Boston Celtics owner Wyc Grousbeck asked JPMorgan to help find buyers for the team. The private bank contacted 186 international clients to see if they were interested in owning part of the franchise. “There are borders for sports teams,” Frame said, “but it doesn’t feel that way when it comes to the wealthy who are investing in them.”
These clients aren’t just investing in stocks and bonds. They’re buying sports franchises, private companies, luxury real estate, and assets in markets that the average investor rarely sees. JPMorgan wants to be the firm that makes those connections.
Why JPMorgan Over Other Banks?
The appeal of JPMorgan’s private bank goes beyond better interest rates. What sets it apart is the depth of service, global access, and opportunities for exclusive investments. The bank acts as a connector – linking its clients to high-value deals, elite investment opportunities, and tailored tax strategies that other banks can’t easily offer.
Unlike Goldman Sachs, which made a failed push into consumer banking with products like Marcus and the Apple Card, JPMorgan is leaning into its strength: serving the ultra-wealthy. Its focus is on customized portfolios, global deal flow, and wealth planning across generations.
Erdoes explained the strategy clearly: “The world is changing, and we have to change with it. Our clients are looking at their wealth in a new way, and we’re making sure we’re right there with them.”
The Future of Wealth Management
This restructuring marks a turning point in how big banks approach the superrich. The traditional model – where clients are served locally – is being replaced by one where borders matter less, and global access is the new standard.
JPMorgan’s new structure, its focus on cross-border investments, and its efforts to link clients to big private deals are all signs of a new direction in wealth management. The world’s richest are looking to grow and protect their money in more places than ever before, and JPMorgan intends to be the bank that helps them do it.
