Have a few extra million lying around? New private bank serves ultra-wealthy in Jacksonville

JPMorgan Chase is expanding to cover a richer clientele base in Jacksonville.

“We want to be the best private bank in Northeast Florida. We want to be the bank of choice,” said Matt Marcin, executive director and the head of J.P. Morgan Private Bank in the Jacksonville area.

A J.P. Morgan Private Bank “cover[s] high net worth and ultra-high net worth individuals, businesses and foundations,” according to Marcin, who has been with JPMorgan Chase for 11 years. A bank of this type coming to the area is an indicator of Jacksonville’s growth and overall commercial and market value. Most of this type of banking deals in the millions of dollars range.

In Jacksonville, there is a wide range of businesses and potential multimillionaire clients from different backgrounds, Marcin said. Some of the main industries the private bank will cover include public companies, real estate, private businesses and people who relocated recently.

“For clients who aren’t necessarily the best fit for the private bank, we refer them to other [Chase] banks in the area,” said Marcin, who recently moved from New York to Jacksonville to help open and run the new private bank here.

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There are 25 other JPMorgan Chase banks, employing over 2,000 people, serving individuals, businesses and investors in Northeast Florida. 

Marcin narrowed the importance of opening a private bank in Jacksonville to three main reasons. First, it was the largest city in the country where JPMorgan Chase did not already have a private banking presence.

“There is also a large amount of organic business growth here with others moving into town,” he said. 

The third consideration, he said, was the “net migration from other states or other areas in Florida to the Northeast Jacksonville market.” 

“We will cover all of Northeast Florida,” Marcin said. “We’re located in Jacksonville, [but] as we build our team, we’ll focus on all of Northeast Florida.” 

Marcin said the bank will service from Amelia Island to St. Augustine and will hire specific people to focus on serving customers in all the areas in between.

“My target for this year is to hire six advisers by the end of 2022 and continue to grow from there,” he said. “Beyond that, we’ll continue to grow our numbers over time.” 

The bank’s current staff includes Marcin and two other bankers. 

In the next three to four years, the bank hopes to hire 275 new private bankers across Florida, according to Allison Reed, executive communications director for JPMorgan Chase Southeast.

“We have one person who relocated from another office within the private bank and a local hire we just made. Most of the people we’re looking to hire will be locals,” Marcin said.

Reed also said the bank will open a new office in Jacksonville but has not yet determined a location. In the meantime, the private banking team is located at the Baymeadows office at 7301 Baymeadows Way.