The House of Morgan has arrived in Baltimore.
JPMorgan Chase announced Tuesday that it is opening an office of its Private Bank in Baltimore’s Harbor East.
The J.P. Morgan Private Bank focuses exclusively on serving high net worth customers with an array of banking and wealth management services.
The office in the Legg Mason building is J.P. Morgan’s first in Baltimore. It’s part of a larger expansion by the private bank to open 20 new offices across the country by 2022.
Separately, JPMorgan Chase announced in April that it plans to open 70 new Chase Bank branches and hire up to 700 new employees in the region stretching from Northern Virginia to Baltimore. Chase Bank has yet to announce a Baltimore location.
“Baltimore Metro’s business community is already a big part of our work at JPMorgan Chase, and bringing the Private Bank to the area is a natural extension of our regional footprint that will strengthen the relationships we already have and bolster the economic community at large,” said Jackie Perrins, Private Bank’s market manager overseeing Washington, Virginia and Maryland, in a statement.
The J.P. Morgan Private Bank office will be led by Scott Canuel, a Baltimore native and former national managing director, practice executive for client strategy for PNC’s Wealth Management division. He will lead a team that will provide services to individuals, family offices, foundations and endowments throughout the area.
J.P. Morgan Private Bank has served Maryland clients for 20 years. Three veteran advisers joined the Baltimore team, which expects to grow to at least 25 by 2023.
“Maryland’s economy is rising and its sustained income, property wealth and job growth has led to emerging wealth creation over the last several years,” said Barry Sommers, CEO of J.P. Morgan’s Wealth Management Group. “Our established client base and existing commitment positions us well to begin building out our local presence in the region and successfully capture the opportunity in Baltimore.”
Based in New York, JPMorgan Chase is the largest U.S. bank with $2.5 trillion in assets. In addition to traditional banking services, it also offers investment banking and other financial services.