The numbers have moved beyond eye-popping at this point. It is no longer an anomaly or ‘normal attrition’ as described in a moment of cognitive dissonance from J. P. Morgan Private Bank’s leadership. We’ve reached levels that should be described as a mass exodus.
More than 10 teams, 50 bankers, and $60B in client assets have left J. P. Morgan (largely for UBS) in the past 7 months. And the pace isn’t slowing. Consider this – there are still large money center cities that have yet to see a J. P. Morgan private banker or team exit. Houston, Chicago, and New York City come to mind. As we hear it, that could change.
The latest moves come from Denver and Philadelphia. Bankers that have spent their entire careers at JPM moved to City National and Cresset.
In Denver, Kevin McGuire chose to join Cresset after a 90-day garden leave. He is joined by Sarah Burney and Jake Schwinn, who will start in August, and Dan Biondi, starting in July.
In Philadelphia, Matthew Salvitti, Tim Pippet, and David Elliott joined City National in June. Their respective careers spanned nearly 40 years at J. P. Morgan Private Bank. They were specifically interested in City National as it is shepherded by Kelly Coffey, former CEO of the J. P. Morgan Private Bank in 2018.
The theme here is that the best and the brightest are leaving the Private Banking ranks. And this is with only one meaningful competitor offering significant upgrades in the comp and recruiting bonuses.
Should Morgan Stanley or Rockefeller enter the fray – the private banking exodus would further accelerate. We hear that both of those firms are seriously discussing doing just that.
