JPMorgan Chase has quietly set up a subsidiary to extend its business to the super-rich.

FAP, May 31 / PRNewswire-FirstCall-Asianet /-- JPMorgan Chase is seeking to extend its business to the super-rich. A global subsidiary focused on the super-rich and their investment institutions has been quietly set up. The business, which started before the COVID-19 epidemic and led by company veteran Andy Cohen, has set up a team of about 30 people in the US, Asia and Europe, working closely with JPMorgan's investments and private banks. The subsidiary is named 23 Wall after the bank's former Manhattan headquarters opposite the New York Stock Exchange. Cohen points out that it focuses on about 700 families and that its wealth is worth more than $4.5 trillion.