The nation’s largest lender is launching a new banking and wealth management relationship tier called J.P. Morgan Private Client, which will offer affluent clients a concierge type of service with a single point of contact and an emphasis on “hospitality,” said Mark O’Donovan, CEO of Chase home lending, at an investor presentation on Monday. Clients will have access to banking, lending, and wealth management products across the company.

O’Donovan said the company will deliver the J.P. Morgan Private Client offering through corporate offices and new financial centers; the first two will open this summer in New York and San Francisco. The company plans to open another 20 financial centers by converting existing First Republic branches by the first quarter of next year. JPMorgan will also copy signature First Republic perks, such as offering free cookies and umbrellas in the branches.

“For our affluent markets, we’re tailoring our new financial centers to be premium in nature with high-end finishes and a focus on elevated service,” he said. “Think personalization, privacy, planning, and advice.”

The new offering, known as J.P. Morgan Private Client, fits between the existing Chase Private Client, which generally serves mass affluent clients, and J.P. Morgan Private Bank, which caters to high- and ultrahigh-net-worth clients. Announced Monday, J.P. Morgan Private Client will be delivered through two channels — at some JPMorgan corporate offices as well as at 22 ex-First Republic branches that are being converted into "J.P. Morgan financial centers."

Two of those offices — one each in New York City and San Francisco — will open this summer, Mark O'Donovan, CEO of Chase Home Lending, told analysts during JPMorgan's 2024 investor day in New York City. O'Donovan has been leading the integration of First Republic into JPMorgan since May 2023 and overseeing the formation of the new affluent-consumer tier.

The remaining 20 financial centers are set to open by the first quarter of next year, O'Donovan said. The offering will be rolled out in phases, starting with former First Republic clients, then to existing Chase customers and eventually to new clients, he said.

And it will offer First Republic's "signature bites and even the umbrellas," O'Donovan added. First Republic was known for offering fresh-baked chocolate chip cookies and umbrellas to its clients.

"While there's a lot we plan to leverage from First Republic's model, this is not about originating low-cost mortgages to drive acquisition," said O'Donovan, referring to a key business strategy that First Republic employed. "This is all about deepening through banking and wealth."