JPMorgan Chase reportedly reorganized its private bank and named a global head of the bank, which is a new role. David Frame, who previously served as the U.S. head of the private bank, has been appointed to the new role. The reorganization of the private bank and the creation of the new role are meant to help the bank assist its wealthy customers in storing their money around the world. Previously, the private bank focused on clients in individual countries. The private bank requires a minimum balance of $10 million and has found that these wealthy individuals want to diversify their investments rather than keeping their assets in a single country or region. While there has long been demand for this sort of diversification, it has been accelerated by concerns about issues like global conflicts and trade tensions. In another effort focused on wealthy customers, JPMorgan Chase said in May that it is accelerating the rollout of the affluent banking offering it introduced late last year. After opening two J.P. Morgan Financial Centers in late 2024, the bank said it would add 14 more in May and would have 31 in operation by the end of 2026. This branch format is designed to cater to the needs of affluent clients by providing private meeting spaces, distinctive finishes, personalized support from a dedicated senior private client banker and a full range of banking and wealth management offerings.