J.P. Morgan Private Bankers Rejoin Former Boss at City National in PA
City National Bank has hired a team of three J.P. Morgan private bankers who will plant a flag for the Los Angeles-based firm in the greater Philadelphia market, according to a Tuesday announcement.
Salvitti, who had spent his entire 14-year brokerage career with J.P. Morgan, said the team was lured by the prospect of rejoining Kelly Coffey, a former chief executive for J.P. Morgan’s U.S. private bank who left in 2018 to become City National’s CEO
“The culture she fostered and the way she ran the business were a huge part of the draw for us in coming over to City National,” Salvitti said in a prepared statement, in which he also called Coffey an “incredibly inspiring leader.”
Salvitti, Pippet and Elliott, who joined City National, a unit of the Royal Bank of Canada, after a garden leave from J.P. Morgan, did not respond to a request for comment. A City National spokeswoman declined to comment on the team’s assets overseen or annual production.
A J.P. Morgan spokeswoman declined to comment on the departure.
There have been at least ten exits of J.P. Morgan Private Bank teams managing $1 billion or more since October 2020, eight of which went to UBS. The private bank also recently lost its head of Northern California, Christine Leong Connors, a 22-year veteran of the firm, who left to “pursue outside opportunities,” according to an internal memo.
J.P. Morgan has said attrition levels are normal and that it plans to double its advisor headcount by adding 1,500 new advisors over the next five years.
Salvitti had previously worked at Bear Stearns in the firm’s Prime Finance business covering hedge funds and alternative asset managers, according to the announcement.
Pippet, who had spent the previous 18 years at J.P. Morgan, led the private bank’s Mid-Atlantic Lending Practice for the last nine years, the announcement said.
Elliott, with more than 25 years’ industry experience, had been registered with J.P. Morgan since 2018, according to his BrokerCheck. He was previously registered from 1998 to 1999 with TFS Derivatives Corp. and from 2000 to 2008 with Credit Suisse Securities, the database said.
“I’ve known Matt, Dave and Tim for many years, and they are excellent advisors,” Coffey said in a prepared statement.
Salvitti’s group will report to Brandon Williams, eastern regional manager of City National’s Private Banking group.
City National in June announced it had hired a new national head of its Private Banking division, Abel Montañez, previously a regional managing director at Wells Fargo Private Bank overseeing the Los Angeles market.
The firm in an East Coast push last year opened new branches in the Washington, D.C. area and Atlanta, as well as three new branches in Manhattan.