J.P. Morgan Securities, the advisor-based financial advisory business of JPMorgan Chase, has opened an office in Philadelphia. The new office supplements another JPMorgan Chase office downtown; altogether, JPMorgan Chase has nearly 300 employees in Philadelphia, representing Chase Card Services, Commercial Banking, Mortgage Banking, J.P. Morgan Private Bank, the Investment Bank, and now J.P. Morgan Securities.
The new J.P. Morgan Securities office in Philadelphia will be led by John Borzi, a longtime Barclays Wealth veteran. While the private banking unit provides comprehensive services to high and ultra high net worth clients, J.P. Morgan Securities intends to deliver a broad range of wealth management capabilities to clients in the Philadelphia area. In response to a query from On Wall Street, a JPMorgan spokesperson revealed the firm expects to add “around a dozen advisors” to J.P Morgan Securities there over the next two years.
Overseeing J.P. Morgan Securities’ expansion into Philadelphia will be Mike Lee, New York-based regional director. The other offices in Lee’s region are in New York City, Cleveland, and Florham Park, NJ. “Our advisors and clients benefit from the best of both worlds: the personalized service of a boutique organization and the global resources of one of the largest and most respected financial firms in the world,” said Lee.
Greg Quental, CEO of J.P. Morgan Securities, cited Philadelphia as a strong market with excellent growth potential.
“We continue to see exciting momentum in our business,” he said. “We look forward to introducing our deep expertise and broad product offering to Philadelphia area clients.”
Nationwide, J.P. Morgan Securities reports that it ended 2011 with 439 advisors and expects to add up to 75 more this year.
Donald Jay Korn writes for On Wall Street.