Chase Bank's branch facing Post Office Square in Boston's Financial District

Banker & Tradesman file photo

J.P. Morgan Private Bank said Boston is one of its expansion areas in the country as it seeks to present a “good growth story” for businesses, which is expected to bring in more clients in need of banking services.

“I think it’s safe to say that the businesses that have a presence here in Boston are all trying to grow, [with growing banking needs] whether it’s the commercial bank, business banking, or the consumer banking,” Dan Curtin, head of J.P. Morgan Private Bank in Boston and New England, said in an interview with Banker & Tradesman.

Curtin said Boston is an attractive growth hub because of its vibrancy with a good economy surrounding technology and life sciences.

“Boston is a very attractive market to the [J.P. Morgan] private bank. This is one of the areas of the country where there’s tremendous opportunity for growth. It’s a part of the country where there are lots of potential clients. And we are in this market with an incredibly attractive offer for the clients that we target. And so it’s easy to understand why Boston is important to the bank, and from a private banking level, it is particularly attractive because of the diverse demographics of the region, both in terms of potential clients and potential employees,” he said.

He did not specify projected growth in business as a result of focusing on Boston but said that the private bank is committed to growing in the Greater Boston area, which is not sensitive to market conditions.

In Massachusetts, JPMorgan Chase is serving 1.2 million customers in consumer banking, and 55,800 customers in business banking, and has employed a total of 1,800 employees as of today.

JPMorgan earlier said that the bank has so far opened 74 branches across New England – 49 branches in Massachusetts, five in Maine, six in New Hampshire, 12 in Rhode Island, and two in Vermont. The bank is targeting to have 90 branches in Massachusetts, which is almost double the bank’s original goal of about 45 by 2022.

When it comes to recruiting talent, Boston is also a good source as the private bank can scout for experienced advisors with a network of clients, as well as  “hire candidates freshly out of business school…with tremendous potential and we train them and we coach them and we turn them into great advisors,” Curtin said.

J.P. Morgan Private Bank in Boston has more than 85 advisors and support staff, which it has doubled in five years.

J.P. Morgan Private Bank Sees Boston as a Growth Area

by Nika Cataldo time to read: 2 min
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