J.P. Morgan has promoted David Frame, CEO of J.P. Morgan’s U.S. Private Bank, to the position of global CEO of the private bank unit. Nobody was serving in the position previously, and Frame will continue his responsibilities for the U.S. private bank for now.

In the expanded role, Frame will oversee the global private bank businesses and continue reporting to Mary Callahan Erdoes, CEO of J.P. Morgan Asset & Wealth Management. 

“David’s global acumen and strategic vision will be instrumental in elevating the Global Private Bank to new heights,” said Erdoes, in a statement. “He will focus on further enhancing our U.S. and international private banking businesses, platform and services as our clients expand their reach across continents and generations.”

Frame, who has been with J.P. Morgan since 1995, was appointed head of the U.S. Private Bank in 2019. He oversees over $1.16 trillion in client assets in that role. Before that, he served as global head of client advice and strategy for wealth management.

“We are marking a significant moment for our Private Bank’s international expansion,” said Adam Tejpaul, CEO of J.P. Morgan’s International Private Bank, in a statement. “Through our expansive, global platform and fortress balance sheet, we’re elevating the power of J.P. Morgan’s capabilities to provide clients with more innovative, bespoke investment solutions and strategic opportunities in diverse markets worldwide.” 

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The firm said Martin Marron, wealth management solutions CEO, and Andrew Cohen, global private bank executive chairman and head of 23 Wall, will continue to report to Erdoes.