U.S. Bank has snapped up its second J.P. Morgan Chase veteran for its high-net-worth wealth management business this month. The Minneapolis-based bank hired Joe Weidenbach as Chicago market leader for The Private Client Reserve. He will lead a team of wealth management professionals providing investment management, private banking, trust and estate services and financial planning to wealthy clients in the Chicago area, the bank announced Monday.
The position was previously held by Margaret Paddock, who was appointed Milwaukee market leader for The Private Client Reserve.
Weidenbach held several leadership positions at J.P. Morgan Chase, most recently serving as managing director and market manager for two Chicago markets with J.P. Morgan Private Bank. Early in his career, Weidenbach served as an attorney working with individual clients on estate planning and corporate clients on a wide range of matters. He has 18 years of asset management and trust experience, according to U.S. Bank.
“Joe is a high-performer who has met challenges and exceeded goals throughout his career,” Michael Ott, central region president for The Private Client Reserve, said in a statement.
Weidenbach is the bank’s second high-level hire from J.P. Morgan Chase in less than two weeks. Early this month, U.S. Bank named Mary Martuscelli, a 33-year veteran of J.P. Morgan Chase, to serve as West Region president for The Private Client Reserve.
U.S. Bank is a subsidiary of U.S.Bancorp, a bank holding company that had $353 billion in assets as of June 30. The Private Client Reserve is part of U.S. Bank’s Wealth Management Group.