J.P. Morgan & Co. has plans to join a host of other banking companies and investment firms that are trying to capture some of the fortunes being made in Silicon Valley.

The $260 billion-asset New York company just opened a private banking office in Palo Alto, Calif., in the heart of Silicon Valley. A bigger, permanent office that will house Morgan investment bankers as well as private bankers will open in Palo Alto next year.

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