JPMorgan Chase is opening a new private banking office in Garden City and expanding its local workforce as it aims to manage the wealth of more of Long Island’s millionaires.

J.P. Morgan Private Bank moved into a renovated 16,000-square-foot office on Franklin Avenue in August and will open its client center there later this month, the company said.

The office is part of JPMorgan's strategy to win the business of affluent families over other top wealth management firms, such as Morgan Stanley and Bank of America’s Merrill. It advanced that strategy through its 2023 acquisition of First Republic Bank, which specialized in serving wealthy clients and previously had a Garden City office in the building JPMorgan is occupying.

Private banking offers families with generational wealth persona

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