Tracey Reddings has left JP Morgan Private Bank, thewealthnet can reveal. Ms Reddings was managing director and head of the business leaders practice. She joined the bank in 2011 and was previously head of UK private banking at SG Hambros. It is understood she is currently on gardening leave.
Ms Reddings is also a former chair of the BBA’s private banking and wealth management advisory board. She was replaced in this role by Michael Morley, former chief executive of Coutts, in 2016.
As thewealthnet reported last year, Oliver Gregson has become head of the United Kingdom and Nordics markets for JP Morgan Private Bank. He officially started in this role earlier this year and succeeded Faraj Saghri. Prior to this Mr Gregson was was head of HSBC Private Bank’s investment group.
JP Morgan’s global wealth management business, of which the private bank is an element, reported a year on year increase in revenues of five percent to $5,818 million for 2016. Profit margins increased six percentage points from 22 percent to 28 percent at the end of 2016.