JPMorgan Revives Free Umbrella Tradition in San Francisco

The return of free umbrellas from the boutique bank last week in rainy San Francisco was certainly a nice surprise. They weren’t the signature forest green ones from the First Republic Bank, though.

These umbrellas are a dark brown and sport JPMorgan branding. This change comes after they took over the now-defunct First Republic, which closed its doors over a year and a half ago. Recently, they’ve started reopening branches that had been shuttered.

Last week saw the debut of JPMorgan’s latest “Private Client” branch in Laurel Village, bringing the total to 20 Fed branches reopened across the nation. This number is anticipated to rise to 30 next year, as mentioned by Stevie Barron, who heads up private client banking at JPMorgan.

Essentially, these branches cater to clients who sit somewhere between the mass-market banking segment and ultra-rich clientele. By introducing “private client” locations, the bank aims to attract affluent individuals who are financially stable yet haven’t quite reached millionaire or billionaire status.

“We think this demographic is often overlooked by the industry,” Barron noted. “High-net-worth individuals typically have complex needs, and we’re confident we can meet those requirements.”

Interestingly, the Laurel Village branch doesn’t feature a teller or deposit slip counter. In fact, there’s barely a hint of JPMorgan’s usual navy blue branding, giving the space a vibe more akin to an upscale office or airport lounge. Think private meeting rooms, polished wood finishes, and even expensive art pieces that are available for purchase.

The design is intended to create a relaxed atmosphere where customers can bring their families or partners along for discussions. The branch employs 14 personal bankers but also has the flexibility to call in experts from different financial sectors, be it for small business needs or mortgage advice. Oh, and there’s even a travel agent on-site to help guests plan vacations.