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October 24, 2018updated 25 Oct 2018 11:01am

Updated: Head of JP Morgan US Private Bank Kelly Coffey resigns

By Oliver Williams

Updated 25th October

The CEO of JP Morgan’s US private bank, Kelly Coffey, has resigned according to an internal memo to staff at the bank. She will be moving to head City National Bank to replace Russell Goldsmith.

“After more than 25 years at JPMorgan, and a career spanning the United States, Latin America, the investment bank and asset & wealth management, Kelly Coffey has informed us of her decision to pursue a new opportunity outside of the firm,” the memo said.

It was later revealed that Coffey had been appointed CEO of City National Bank, a California based lender which was acquired by Royal Bank of Canada in 2015.

Her predecessor, Russell Goldsmith, who oversaw 23 years of unbroken quarterly profit at City National, will continue to serve as chairman. Assets under management at the bank reached nearly $50bn at the end of July.

Coffey’s surprise departure comes after five years as CEO, during which she has overseen major growth at the JP Morgan private bank. Last year she announced a five-year strategy to add 1,000 new advisors and 24 new offices to the private bank, which now has $551bn in assets under management (AuM), up 13% from last year.

Private banking is part of JPMorgan’s asset and wealth management division which saw its AuM total $2.1 trillion at the end of Q3, a 7% rise from $1.9 trillion in the previous year.

Just last month Coffey was included in American Banker’s ‘Most Powerful Women in Finance’ ranking.

JP Morgan private bank will now be headed by wealth management co-CEO Barry Sommers.

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