JPMorgan Names Nelle Miller and William Sinclair Co-CEOs of U.S. Private Bank

ManagementIndustry

โดย Zacks Investment Research·

Summary · why it matters

JPMorgan named Nelle Miller and William Sinclair as co-CEOs of its U.S. Private Bank, which oversees more than $2.4 trillion in client assets across 57 offices, a leadership reset the bank is pairing with a push to win artificial intelligence wealth. JPMorgan is competing with several other banks to advise Anthropic employees on managing potential IPO windfalls, an opportunity that could be substantial after Anthropic raised $65 billion in May at a $965 billion post-money valuation, up sharply from its $380 billion valuation following a $30 billion February funding round. For JPMorgan, the strategy could reinforce an already fast-growing, fee-rich business: Asset & Wealth Management revenues jumped 19% year over year to $6.85 billion in second-quarter 2026, while net income climbed 33% to nearly $2 billion, and Global Private Bank revenues increased 16% to $3.53 billion. As of June 30, 2026, AWM client assets were $7.66 trillion, up 19%, while assets under management rose 18% to $5.14 trillion, and average AWM loans already increased 18% to $284 billion in the second quarter. Among peers, Citigroup is adding more than 100 bankers and investment specialists and reported second-quarter Private Bank revenues up 5% year over year to $769 million, while Bank of America reported Private Bank revenues up 17% to $1.16 billion, client balances of $802 billion and AUM of $486 billion.

JPMorgan Chase & Co ▲