Introduction to JPMorgan’s New Branch Format

JPMorgan Chase thinks it has cracked the code on managing more money for America’s millionaires. It’s not a new financial product, a novel software program, or an enticing sign-up bonus. Instead, it’s a refurbished take on an old concept — the brick-and-mortar bank branch — along with new standards for service that are at the heart of its aspirations.

The New Branches

The bank is unveiling 14 of these new format branches — each acquired when JPMorgan took over First Republic in 2023 — in tony ZIP codes in New York, California, Florida, and Massachusetts, including Napa, Palm Beach, and Wellesley Hills. It’s part of JPMorgan’s push to convince affluent Americans, many who already use Chase checking accounts or credit cards, that the bank is ready to manage their millions.

JPMorgan’s Position in Wealth Management

JPMorgan is the country’s biggest bank by deposits and assets and has a top share in areas as disparate as Wall Street trading and retail credit cards. But one of the only major categories where it isn’t a clear leader is in wealth management; peers like Morgan Stanley and Bank of America exceed it there. While half of the 19 million affluent households in the U.S. bank with JPMorgan, it has just a 10% share of their investing dollars, according to Jennifer Roberts, CEO of Chase Consumer Banking.

The Opportunity for Growth

"We have this giant opportunity to convince customers to have their wealth management business with us in addition to their deposit relationship," Roberts said in a recent interview. Helped by its acquisition of First Republic, which was known for catering to rich families living on either coast, JPMorgan decided to launch a new tier of service. Called J.P. Morgan Private Client, it is anchored by the new physical locations, of which there will be 31 by the end of next year.

The J.P. Morgan Private Client Experience

The service comes with its own mobile banking app, but its main appeal is the in-person experience: Instead of being handed off to multiple employees like at a Chase branch, J.P. Morgan Private Client members are assigned to a single banker. "What First Republic did really well was deliver a concierge-level of service where if you have an issue, a person owned it for you and you didn’t have to worry about it," Roberts said. The price of entry: at least $750,000 in deposits and investments, though Roberts said the bank is aiming for those with around $2 million to $3 million in balances.

Quiet Opulence

The new locations, dubbed J.P. Morgan Financial Centers, have a warm feel and an earth-tone color palette that intentionally sets them apart from the nearly 5,000 Chase branches operated by the bank. During a recent visit to a Manhattan location, the vibe is family office-meets hotel, with soaring ceilings, living room-style seating areas, and art-filled meeting rooms scattered over two floors. Gone is the traditional row of bank tellers; there is instead a concierge desk and a solitary ATM machine.

The Design and Environment

The design elements and hushed environment are "really meant to illustrate that we’re there to have a more serious, less-transactional conversation about your wealth planning over the course of time," said Stevie Baron, JPMorgan’s head of affluent banking. Those conversations involve planning for long-term goals and examining clients’ portfolios to see whether they are on track to reach them, he said. Elements of the new high-end branch format could find their way to regular Chase branches, especially the 1,000 or so that are in high-income areas, Baron said.

Challenges and Expectations

JPMorgan executives have said the bank’s branch network has already succeeded as a feeder into the firm’s wealth management offerings. The new service tier — which sits above the bank’s Chase Private Client offering, which is for those with at least $150,000 in balances and is delivered in the regular branches — is expected to help JPMorgan’s retail bank double client assets from the $1.08 trillion it reached in March. "Obviously it’s a big challenge, because clients already have their established wealth managers, but it’s something that we’ve been making really strong progress in," Roberts said.

Creating Awareness

But attempting to create a new, more luxurious brand from a mainstream one — think the difference between Toyota and its luxury brand Lexus — is not without its risks. Or at least, momentary confusion. So far, the two flagship financial centers in New York and San Francisco opened late last year haven’t seen heavy foot traffic, Roberts admitted. "Our biggest challenge is that we don’t have people walking in because they don’t really understand what they are," Roberts said. "So we just need to get the awareness out there."

Conclusion

JPMorgan’s new branch format and service tier are part of its efforts to increase its share in the wealth management market. With its focus on providing a high-end, concierge-like experience, the bank aims to attract and retain affluent clients. While there are challenges to creating awareness and differentiating the new brand, JPMorgan is confident in its ability to deliver a unique and valuable experience to its clients.

FAQs

Q: What is JPMorgan’s new branch format?
A: JPMorgan’s new branch format is a refurbished take on the traditional brick-and-mortar bank branch, with a focus on providing a high-end, concierge-like experience for affluent clients.
Q: What is the price of entry for J.P. Morgan Private Client?
A: The price of entry for J.P. Morgan Private Client is at least $750,000 in deposits and investments, though the bank is aiming for those with around $2 million to $3 million in balances.
Q: How many new branches will JPMorgan open?
A: JPMorgan will open 31 new branches by the end of next year, with 14 of them being unveiled in the initial launch.
Q: What is the goal of JPMorgan’s new service tier?
A: The goal of JPMorgan’s new service tier is to help the bank’s retail bank double client assets from the $1.08 trillion it reached in March.
Q: How will JPMorgan create awareness for its new branch format?
A: JPMorgan will create awareness for its new branch format through various marketing efforts, including promoting the unique experience and services offered by the new branches.

Shares of movie theater companies soared on Tuesday following a record-breaking Memorial Day Weekend at the domestic box office. AMC saw its stock jump more than 23%, while shares of Marcus Theatres’ parent company Marcus Corporation climbed 10% and Cinemark stock leaped nearly 4%.

Tandem Releases of New Films

The tandem releases of Disney’s live-action “Lilo & Stitch” and Paramount’s “Mission Impossible — The Final Reckoning” alongside holdovers Disney and Marvel’s “Thunderbolts,” Warner Bros.’ “Sinners” and “Final Destination Bloodlines” led to an estimated $326 million haul, the highest Memorial Day box office ever, according to data from Comscore. It is also more than double the $132 million in ticket sales collected last year during the same period.

Box Office Performance

“Everything came together at the right time with two eagerly anticipated, positively reviewed tentpoles courting a diverse range of audiences,” said Shawn Robbins, director of analytics at Fandango and founder of Box Office Theory. “This record holiday frame continues a box office winning streak which began in the spring and has now grown into bona fide momentum for what will likely be a $4 billion-plus summer at domestic cinemas thanks to a string of promising blockbusters on the slate.”

Theater Performance

AMC, Cinemark and Marcus Theatres each posted their best Memorial Day Weekend ticket revenues of all time, as well as record food and beverage sales for the holiday. “Finally it would appear that our industry has turned a corner,” Adam Aron, CEO of AMC, said in a statement. “Since early April, weekend after weekend, moviegoers have been demonstrating their preference for theatrical moviegoing. A record-setting Memorial Day holiday is yet another sign of the continued strength and relevance of moviegoing in 2025.”

Film Performance

“Lilo & Stitch” tallied $183 million during the four-day frame, leading the pack, while the eighth installment in the Mission Impossible franchise scooped up $77 million. “Final Destination Bloodlines” took in $23.9 million, “Thunderbolts” added $11.8 million and “Sinners” snared $11 million, Comscore reported.

Summer Outlook

The combination of new product and strong carryover from previously released films fueled the weekend, Chad Paris, chief financial officer at Marcus Corp, told CNBC. “This is the first time this year where I would say we’ve had a fulsome amount of product for the weekend,” he said. “And we’re now getting into the stretch in the calendar where we’ll have a steady cadence of product releases and across genres, a lot of different products for people to go see.”

Upcoming Releases

Over the summer period, which ends Labor Day Weekend, the domestic box office will see the release of Universal’s live-action version of “How to Train Your Dragon,” a new Disney and Pixar feature “Elio,” the hotly anticipated “Jurassic World Rebirth,” Warner Bros.’ “Superman” reboot, and Disney and Marvel’s “The Fantastic Four: First Steps.” In between these tentpoles are a slew of low-and-mid budget films across genres like horror, drama, comedy and sports.

Box Office Projections

“Every other studio and every other movie on the horizon over the next few weeks are going to ride a wave and benefit from the performance of the past couple of months,” said Paul Dergarabedian, senior media analyst at Comscore. “We’re going to have one hell of a summer and if Memorial Weekend is any indication, we’re certainly looking at a $4 billion plus summer at potentially $4.2 billion plus and that’s great news after a summer of 2024 that failed to reach that milestone.”

Conclusion

The record-breaking Memorial Day Weekend at the domestic box office is a positive sign for the movie industry, with a strong lineup of films scheduled for release over the summer. The combination of new product and strong carryover from previously released films is expected to drive box office revenue to over $4 billion.

FAQs

Q: What was the total box office revenue for the Memorial Day Weekend?
A: The total box office revenue for the Memorial Day Weekend was an estimated $326 million.
Q: Which film led the box office over the Memorial Day Weekend?
A: “Lilo & Stitch” led the box office over the Memorial Day Weekend, tallying $183 million.
Q: What is the projected box office revenue for the summer?
A: The projected box office revenue for the summer is over $4 billion, potentially reaching $4.2 billion.
Q: What films are scheduled for release over the summer?
A: Over the summer, films such as Universal’s live-action version of “How to Train Your Dragon,” a new Disney and Pixar feature “Elio,” the hotly anticipated “Jurassic World Rebirth,” Warner Bros.’ “Superman” reboot, and Disney and Marvel’s “The Fantastic Four: First Steps” are scheduled for release.

Passengers check in for Southwest Airlines flights at Chicago Midway International Airport on Feb. 18, 2025 in Chicago, Illinois. Southwest Airlines customers have only one day to go before the company starts charging to check bags for the first time in more than half a century. Starting Wednesday, Southwest will end its blanket “two bags fly free” policy. It was a perk that was sacrosanct among customers and the airlines’ longtime executives alike, setting the airline apart from competitors.

Background and Rationale

But baggage fees brought in nearly $7.3 billion for U.S. airlines last year, according to federal data, and Southwest executives who have long vowed to hold onto the policy have been under pressure to raise revenue. The airline hasn’t yet said how much it will charge to check bags, but rivals generally charge about $35 or $40 for a first checked bag for domestic flights, though there are some exceptions.

Changes to Business Model

Along with starting to charge for checked bags, Southwest has announced major changes to its business model over the past year, like getting rid of open seating. The carrier is also debuting basic-economy tickets like those sold by Delta Air Lines, American Airlines, and United Airlines on Wednesday.

What is Changing?

Southwest will no longer offer two free checked bags with many tickets purchased on or after Wednesday. For tickets purchased before then, a Southwest spokesman said the carrier will honor the terms of those fares, like the two free checked bags. The fees will apply to its no-frills Basic, its Wanna Get Away Plus, and its Anytime fares.

Exemptions

Yes. Travelers with top-tier status in Southwest’s Rapid Rewards loyalty program will get two free checked bags, as will customers in the highest-level Business Select fares. Customers with a Southwest Airlines co-branded credit card and their travel companions booked together with the same card won’t get charged for their first standard checked bag. A-List frequent flyer members, the second-highest tier in the loyalty program, will also get their first bag checked free of charge.

New Fare Type: Basic

Southwest on Wednesday will also start selling basic-economy tickets. With the new Basic fare, customers won’t be able to make changes to their tickets, they’ll be among the last customers to board, and their fare credits will expire in six months, compared with 12 months for other ticket classes. In another change, the airline is ending its Wanna Get Away fare, which was the lowest tier ticket before the changes.

Assigned Seats

Southwest has been known for its open-seating model for decades. Loyalists often obsessively check in a day before their flight in hopes of scoring a favorable boarding slot. But later this year, Southwest says it will start selling tickets for flights in 2026 that will have seat assignments. It is also outfitting its planes with extra legroom seats, like many of its competitors, that fetch higher prices.

Handling the Changes

Southwest executives have told staff that they expect passengers to carry on more luggage (those policies for free carry-ons aren’t changing) and have said the airline is installing larger overhead bins on its Boeing fleet, which should help with an influx of carry-on bags. Executives have also said staff will get mobile bag-tag printers at gates and airport lobbies to assist customers.

Customer Reaction

Southwest can hardly post on social media — even about babies and puppies on board — without getting angry comments about the changed baggage policy. But CEO Bob Jordan told CNBC last month that the policy change announcement the company made on March 11 hasn’t deterred customers. “We have seen no book-down on that day or after that day,” he said on “Squawk on the Street” on April 24.

Conclusion

In conclusion, Southwest Airlines is ending its long-standing policy of two free checked bags, starting Wednesday. The airline is making significant changes to its business model, including introducing basic-economy tickets and assigned seats. While some customers may be upset about the changes, the airline believes they are necessary to remain competitive and increase revenue.

FAQs

Q: When will Southwest Airlines start charging for checked bags?

A: Southwest Airlines will start charging for checked bags on Wednesday.

Q: How much will Southwest Airlines charge for checked bags?

A: The airline hasn’t yet announced the exact fee, but rivals generally charge about $35 or $40 for a first checked bag for domestic flights.

Q: Are there any exemptions from the baggage fee?

A: Yes, travelers with top-tier status in Southwest’s Rapid Rewards loyalty program, customers in the highest-level Business Select fares, and customers with a Southwest Airlines co-branded credit card will be exempt from the fee.

Q: Will Southwest Airlines still offer free carry-ons?

A: Yes, the airline’s policy on free carry-ons is not changing.

Q: How will Southwest Airlines handle the expected increase in carry-on bags?

A: The airline is installing larger overhead bins on its Boeing fleet and will provide staff with mobile bag-tag printers at gates and airport lobbies to assist customers.