JPMorgan Builds Its Global Bet on Wealth of the Ultra-Rich (1)

Pablo Garnica Alvarez-Alonso isn’t letting the trillions of dollars in recent global stock-market losses curb his wealth-management plans at JPMorgan Chase & Co.

The chief executive officer of the lender’s private bank in Europe, Middle East and Africa is continuing to target double-digit percentage growth in headcount over the next five years as he seeks to expand the New York-based firm’s global operations for the world’s ultra-rich.

JPMorgan has hired at least a dozen private-banking executives in the past year from rivals including Credit Suisse Group AG, Citigroup Inc. and UBS Group AG to achieve that goal.

Pablo Garnica Alvarez-Alonso

Photographer: Andy Lane/JPMorgan

“We believe ...