Another week, another headline associated with a departure from J. P. Morgan Private Bank. David Frame, CEO of J. P. Morgan’s Private Bank, is having a really, really tough year.
The latest team to tell JPM to kick rocks hails from Salt Lake City, Utah. That effectively closes the loop on Private Bank departures across the country for JPM. Other departures have been announced in LA, Miami, Dallas, Atlanta, NYC – and stay tuned for the next three to four that aren’t far behind. You can bet your ass that David Frame and his management minions are having as many meetings as they can stand to figure out how to stop the bleeding.
The details of the Salt Lake City team that migrated to Morgan Stanley are as follows: Brian Swenson, Eric Smith, and Jesse Bohannon including staffers Melissa Sende and Charlotte Painter. They walked out with $3 billion in client assets, and have joined Morgan Stanley’s PWM division after their 90-day garden leave.
Over the past six months, if you are scoring at home, JPM is closing in on losing nearly $50B in client assets from the Private Bank. Again, executive leadership is in serious trouble. You can’t hemorrhage talent the way that’s been happening there without some level of accountability. Keep your eye on that dynamic as well.**a side note – we are chasing down the kind of deal Morgan Stanley is offering private bankers. We know what UBS is doing, but as of this print, Morgan Stanley is still offering private banking recruiting deals based on W-2 revenue. If that changes, you’ll be the first to know.
