One year after
,
is launching a new tier in its affluent-consumer wealth management services that marries its own brand, scale and distribution channels with First Republic's single-point-of-contact, concierge servicing model.
The new offering, known as
Private Client, fits between the existing Chase Private Client, which generally serves mass affluent clients, and
Private Bank, which caters to high- and ultrahigh-net-worth clients. Announced May 20,
Private Client will be delivered through two channels — at some
corporate offices as well as at 22 ex-First Republic branches that are being converted into "
financial centers."
Two of those offices — one each in New York City and San Francisco — will open this summer, Mark O'Donovan, CEO of Chase Home Lending, told analysts during
2024 investor day in New York City. O'Donovan has been leading the integration of First Republic into
since May 2023 and overseeing the formation of the new affluent-consumer tier.
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