The bank says it is combining the unit serving affluent clients with branch-based financial-advisory business
JPMorgan Chase & Co. is taking a bigger swing at wealth management, revamping its business units in an effort to better compete with big-bank rivals such as Morgan Stanley.
The bank is creating a unit that will combine its U.S. wealth-management operations for affluent clients and the Chase branch network’s financial-advisory business, according to a memo reviewed by The Wall Street Journal. The restructured business will also include JPMorgan’s new You lnvest online brokerage, the memo said.
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