JPMorgan Chase & Co.’s Kelly Coffey, one of Wall Street’s most prominent women, is stepping down as head of the firm’s U.S. private bank.
“After more than 25 years at JPMorgan, and a career spanning the United States, Latin America, the investment bank and asset & wealth management, Kelly Coffey has informed us of her decision to pursue a new opportunity outside of the firm,” the company told staff in a memo, without elaborating on her destination.
JPMorgan had $576 billion of assets under management for private banking clients at the end of the third quarter, 14 percent more than a year earlier as financial firms vie to handle money for a growing pool of ultra-wealthy individuals. Private banking is part of JPMorgan’s asset and wealth management division, run by Mary Callahan Erdoes.
The bank has an 8 percent share of the U.S. market for catering to ultra-high-net-worth people, who typically have more than $10 million, and can boost that by hiring bankers, adding branches and offering new products, CEO Jamie Dimon wrote in his annual letter. Sommers and co-head Brian Carlin credited Coffey with preparing the business for further growth.