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JPMorgan to restructure wealth management business units

JPMorgan Chase & Co. is reorganizing its wealth management businesses, a move that is expected to allow the banking giant to better compete with rivals like Morgan Stanley, The Wall Street Journal reported, citing a company memo.

The bank plans to combine its U.S. wealth management operations for affluent clients, the Chase branch network's financial advisory business and the You lnvest online brokerage into one single unit. This will ensure JPMorgan has one set of operations for clients with up to $25 million in assets. JPMorgan's private bank for ultrawealthy clients will be kept separate, according to the report.

The new unit will be headed by Kristin Lemkau, currently the bank's chief marketing officer. Lemkau's replacement will be named in the coming weeks, the Journal reported.