JPMorgan Chase & Co. CEO Jamie Dimon believes the bank can more than double its market share in the high net worth and affluent wealth management markets in the next 10 years.
In an annual letter to shareholders, the head of the largest U.S. bank also said JPMorgan Chase has an opportunity to grow its share of the ultra high net worth market by adding "bankers, branches and better products."
"In the United States," the letter stated, "our share of the ultra-high-net-worth market ($10 million or greater) is 8 percent. We believe we have a superior business and that we can grow our share by essentially adding bankers, branches and better products.
"In the high-net-worth business ($3 million to $10 million) and the Chase affluent business ($500,000 to $5 million), our market shares are only 1 percent and 4 percent, respectively. We have no doubt that we can grow by adding bankers and locations, particularly because we have some exciting new products coming soon. There is no reason we can't more than double our share over the next 10 years.
"We are also adding new products, like index funds and exchange-traded funds (ETF), that we believe will help drive growth."