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JPMorgan Builds Its Global Bet on Wealth of the Ultra-Rich

  • Lender’s private bank has ‘ambitious growth plans’ in Europe
  • Firm looks to expand wealth options in Benelux, Nordic nations
Pablo Garnica Alvarez-Alonso
Pablo Garnica Alvarez-AlonsoPhotographer: Andy Lane/JPMorgan
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Pablo Garnica Alvarez-Alonso isn’t letting the trillions of dollars in recent global stock-market losses curb his wealth-management plans at JPMorgan Chase & Co.

The chief executive officer of the lender’s private bank in Europe, Middle East and Africa is continuing to target double-digit percentage growth in headcount over the next five years as he seeks to expand the New York-based firm’s global operations for the world’s ultra-rich.