JPMorgan doubles private bankers regionally as Singapore’s wealthy population rises

SINGAPORE: JPMorgan Chase & Co has significantly expanded its private banking presence in Singapore, doubling the number of bankers serving wealthy clients across South-east Asia and Australia as competition intensifies for Asia’s growing pool of high-net-worth individuals.

According to Bloomberg, the Wall Street bank now has more than 50 relationship managers based in Singapore covering the Southeast Asia and Australia markets, roughly twice the number it had at the beginning of 2025.

Much of the hiring drive has been focused on Indonesia, and the number of bankers dedicated to the Indonesian market has grown to about 20, up from fewer than 10 last year. The expansion comes as global private banks seek to strengthen their foothold in a market where many wealthy Indonesians hold offshore accounts in Singapore.

The New York-headquartered lender has reportedly recruited talent from rival financial institutions as it seeks to increase revenue from its wealth management business in Asia, an increasingly important growth market for international banks.

Paul Thompson, JPMorgan’s head of Singapore and South-east Asia for the private bank, said the firm has made substantial investments in talent over the past five years and intends to continue doing so to support future growth.

Mr Thompson told the press that the bank recorded its highest-ever revenue and assets under management in both Southeast Asia and the wider Asian region in 2025. He added that the bank continues to see a similar growth trajectory in 2026.

Based in Singapore, Mr Thompson oversees teams serving clients in Singapore, Southeast Asia and Australia. JPMorgan also maintains a separate team focused on Greater China, while private banking services are offered in other regional hubs, including Hong Kong and Australia.

The bank’s rapid expansion has been accompanied by strong growth in client assets. According to rankings published by Asian Private Banker, JPMorgan’s private banking assets under management surged 41% in 2025 to US$300 billion (S$386 billion). The increase propelled the bank past DBS Group Holdings to become the third-largest private bank in Asia excluding China.

Only UBS Group and HSBC Holdings ranked ahead of JPMorgan in the region.

Across Asia, excluding mainland China, JPMorgan increased its relationship manager headcount to 380 in 2025, adding 50 bankers compared with the previous year, according to the industry publication.

The bank has also broadened access to its private banking services by lowering its minimum asset requirement. Sources said clients now need at least US$10 million in assets to qualify, down from US$25 million a few years ago.

JPMorgan’s expansion reflects the broader growth of Asia’s wealth management sector, particularly in Singapore, which has cemented its position as a leading financial hub for affluent individuals across the region.

Singapore’s domestic banks have also benefited from the influx of wealthy clients. DBS Bank, Oversea-Chinese Banking Corporation (OCBC) and United Overseas Bank (UOB) all reported sharp increases in wealth-related fees during the first quarter of the year.

A recent report by Capgemini revealed that Singapore’s population of high-net-worth individuals (HNWIs) grew by 3% in 2025, reaching 141,000 people compared with 136,900 the year before.