J.P. Morgan Private Bank Head in CA Exits, Another Banker Jumps to UBS in TX
The competition for private bankers continues as a senior executive at J.P. Morgan Private Bank in California has left the firm while another banker in Texas has made the bank-to-broker switch and joined UBS Wealth Management USA.
The memo, obtained Tuesday by AdvisorHub, did not say where Connors was going, and she did not respond to a request for comment sent through social media about her departure. Connors, who began her career as an analyst with the private bank in 1999, had helmed the Northern California region since 2012, according to her LinkedIn profile.
As of Tuesday, both her BrokerCheck and LinkedIn profiles reflected her affiliation with J.P. Morgan, which likely reflects the 90-day garden leave period associated with managing director roles.
Meanwhile, 17-year company veteran Matt Barshied has been elevated from a private banking role in San Francisco to oversee the Northern California territory, which includes around 80 advisors and support staff, who oversee $74 billion in assets. (The private bank oversees a total of $836 billion in assets.)
Barshied has worked in the private bank in San Francisco since 2018 and before that spent six years as head of investment for the Private Bank’s Financial Institutions Group in New York, according to the memo.
Similar to Connors, his remit will include expanding operations in lucrative markets in San Francisco, Palo Alto, and its new office in the East Bay, according to the memo. The firm also reiterated the private bank’s overall goal to double its advisor headcount by adding 1,500 new advisors over the next five years.
Around 45% of the new advisors will be based in California or Florida “to meet growing client demand,” the memo said.
Separately, a private banker producing $1.2 million in annual revenue from $140 million in client assets in the Dallas/Fort Worth area has left J.P. Morgan for UBS in Plano, Texas, according to a UBS announcement.
Chris Gilman, a 14-year broker who had joined J.P. Morgan in 2014 from Sanford C. Bernstein & Co., left the firm on June 4, his BrokerCheck profile said.
A J.P. Morgan spokesperson declined to comment on the departures.
The moves follow that of a $40 million-producing six-person team of private bankers who left the San Francisco office around the Memorial Day holiday weekend for UBS’s private wealth management division. There have been at least ten exits of large J.P. Morgan Private Bank teams since October 2020, eight of which went to UBS.