JPMorgan Chase has more than doubled the number of private bankers based in Singapore serving wealthy clients in Southeast Asia and Australia to over 50, roughly twice the number at the start of 2025 [1, 2]. Most of the new hires focused on the Indonesian market, with staff increasing from fewer than 10 in 2025 to about 20 [1, 2].
The bank achieved record revenue and assets under management across Southeast Asia and greater Asia in 2025 and continues to expand in 2026. Paul Thompson, head of Singapore, Southeast Asia and Australia private banking for JPMorgan, said the firm "has made significant hires over the past five years and will continue to invest in talent to sustain its growth momentum" [1].
JPMorgan’s private banking client assets in Asia excluding onshore China grew 41% in 2025 to US$300 billion, making it the third-largest private bank in Asia behind UBS and HSBC [1, 2]. Across Asia, excluding China, the bank’s relationship manager headcount rose by 50 to 380 from 2024 to 2025 [1, 2].
The threshold to qualify for JPMorgan private banking services dropped from US$25 million a few years ago to US$10 million today, helping broaden the client base [1, 2].
Singapore serves as the key hub for regional wealth management, with Indonesia representing a major growth market where billionaires often keep offshore accounts [1, 2]. JPMorgan also operates private banking teams in Hong Kong and Australia [1, 2].
Other Singapore banks, including DBS, OCBC and UOB, saw rising fees from wealthy clients in early 2026, indicating growing competition and demand in private banking services [1].
JPMorgan’s continued expansion in Singapore and Southeast Asia signals solid growth in regional private wealth demand as the firm invests further in staffing and client coverage.
