BREAKING: J. P. Morgan Private Bank Exodus Continues; Another $20M Team Bolts For UBS
The continued exodus of J. P. Morgan Private Bank employees isn’t showing any signs of slowing down. We’ve gone from monthly resignations of large-scale teams, to weekly at this point.
The latest team just ‘decamped’ from the Indianapolis JPM Private Bank location and the stats sound like a broken record. Information that was passed to us from inside JPM has a team with more than $20M in annual revenues and more than $6B in assets announcing their resignations to local management and signaling their intentions to join UBS once their garden leaves expire.
The team has requested to be left anonymous until their garden leaves finalize and a more formal announcement will be made. In conversations with UBS sources, the move was confirmed and the anonymity of the team was requested again. But know this, inside JPM everyone is acutely aware of the talent hitting the doors.
The larger narrative remains the same for UBS and J. P. Morgan Private Bank – it’s at once a ‘kid in a candy store’ and a bloodbath. We’ve heard from multiple other teams still in the due diligence process that chuckled at the raises offered to MDs to try and stem the tide. As the saying goes, when compared to what UBS is offering, it’s like ‘tripping over nickels.’Expect more announcements over the next 60-90 days, at which point UBS may be ‘full up’ on JPM Private Bankers.