JPMorgan Chase is bulking up once again in the hometown of rival Bank of America.
The New York-based bank announced Thursday its latest expansion in Charlotte with the opening of an office for its private-bank operation, which serves the company’s wealthiest clients.
JPMorgan, the largest U.S. bank by assets, has been expanding in Charlotte since 2011 when it began building a local commercial-banking team serving businesses with more than $20 million in annual sales. The firm also maintains back offices in Charlotte for its investment-banking operations.
The new office, on Fairview Road across from SouthPark mall, marks the first private-bank office in North Carolina for JPMorgan. The firm said it is relocating four bankers to Charlotte from Atlanta, where the private bank had been serving the Carolinas for 16 years.
JPMorgan also said it plans to hire several local bankers and advisers over the next few months for the Charlotte operation. The office will be headed by Matthew Moore, who since 2009 has been responsible for leading JPMorgan’s private-bank practice in North Carolina.
The private-bank addition represents a further bulking up of JPMorgan’s operations in Charlotte and another business to its local mix.
All told, the company says it has more than 100 North Carolina employees, the majority in Charlotte, with others in Raleigh and elsewhere.
Charlotte-based Bank of America, the second-largest U.S. bank by assets, has about 15,000 employees in the region including in branches.
JPMorgan still doesn’t have any retail branches in the Carolinas, where Bank of America and San Francisco-based Wells Fargo hold the biggest market share by deposits.
Wells Fargo, the third-largest U.S. bank by assets, employs about 24,100 in the Charlotte region.