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'Structure change' in the works for Louisville Chase operations

Ron Antonelli | Bloomberg

FILE PHOTO: People stand inside the lobby of the JPMorgan Chase & Co. headquarters building in New York, U.S., on Thursday, April 10, 2014. Photographer: Ron Antonelli/Bloomberg

'Structure change' in the works for Louisville Chase operations
Braden Lammers[1]
Reporter- Business First
This email address is being protected from spambots. You need JavaScript enabled to view it.[2]  |  Twitter[3]

There has been a lot of chatter about changes in the works in the wealth-management and private-banking segment of JPMorgan Chase & Co[4].'s Louisville operation.

I reached a company spokesman, and he didn't do much to clear things up.

"We announced yesterday that we are changing the way we are covering some of the market, no different than the framework that’s been in place forever, but it does impact some people on the ground," said Jeffrey Lyttle[5], senior vice president and head of community engagement for JPMorgan Chase.

Lyttle, who is based in Columbus, Ohio, is the regional contact for the Louisville market. I asked him what that quote meant, but what he said didn't do much to make the picture clearer.

Lyttle said the structure change will not result in a "material change" in the number of wealth-management professionals working in the Louisville market. He said he did not know how many people the structure change will affect.

"Nobody was laid off,” he said.

Lyttle said the changes could affect a small number of jobs, and some advisers might choose to move to another market or leave the company. But, he added, JP Morgan Chase is working to keep everyone affected by the structure changes employed at the company.

Structure changes may shift the day-to-day focus for some of the wealth-management and private-banking segment professionals, Lyttle said.

Asked to elaborate on the changes, Lyttle declined, saying it is "business-sensitive information."

"It’s just a normal course of business," he said.

Operations will remain open in Louisville, and there is "no operational or business exit from the Louisville market," Lyttle said.

Braden Lammers covers these beats: Financial services, residential real estate, law, property and casualty insurance, construction, unions, engineers, architects and agriculture.

References

  1. ^ Braden Lammers (feeds.bizjournals.com)
  2. ^ This email address is being protected from spambots. You need JavaScript enabled to view it. (feeds.bizjournals.com)
  3. ^ Twitter (twitter.com)
  4. ^ JPMorgan Chase & Co (www.bizjournals.com)
  5. ^ Jeffrey Lyttle (feeds.bizjournals.com)
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