JP Morgan Chase is on track to increase its global wealth management adviser ranks by 1,000 as it sees opportunities happening in the wealth management spectrum.
The banking giant aims to have about 6,500 advisers globally by the end of this yar, according to its 2018 annual report. That's up from about 5,500 advisers in 2016, a spokesman told specialised news outlet Barron's.
The largest US bank's wealth management businesses cumulatively generated $6.9bn in 2018, or 6.2% of the company's total revenue of $111.5bn. The company is not breaking out growth targets for particular areas of its wealth business, a spokesman said. In 2018, the ranks of private bankers and JP Morgan Securities brokers rose by 260 advisers.
We are expanding our footprint to capture more of the opportunity across the US wealth management spectrum"
Dimon's growth aspirations would still put JP Morgan well below the advisory ranks of rivals. Morgan Stanley has about 16,000 brokers and Bank of America some 18,000 spread among its Merrill Lynch wealth and its traditional private banking units.
Both companies, however, have been tightening expense controls and pulling back on recruiting, as has UBS, which employs about 6,300 advisers in the US.