Jamie Dimon Doesn’t Care That You Work At Skadden Arps

You're a pauper to him and JPM's private bank.
By World Economic Forum (Flickr: The Global Financial Context: James Dimon) [CC BY-SA 2.0], via Wikimedia Commons

via Wikimedia Commons

No $10 million, no sweetheart mortgage deal for third-year associates buying in Brooklyn neighborhoods he’s never even heard of.

Attorneys, who often work closely with J.P. Morgan on deals and other matters, are among the clients most affected by the private bank’s recent decision to double its minimum to $10 million in investible assets….

The exact number of lawyers losing perks couldn’t be determined, but the changes could be interpreted as an effective snub of legal advisers from partners to lower-level associates….

The bank’s latest deal for lawyers includes directing law-firm partners or other senior lawyers from private-bank perks to a less hands-on service known as “Private Client Direct.” Other “associate” lawyers who are paid less are being sent further down the prestige ladder, from the private bank to the retail bank’s Chase Private Client. This can mean not getting the same special rates on loans or the streamlined application process offered to higher-paid peers.

The indignity.

Are You a Rich Lawyer? You May Not Be Rich Enough for J.P. Morgan [WSJ]