JP Morgan to add 1,000 financial advisors

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As a sign of confidence for wealth management,
JP Morgan

Chase is about to increase its ranks of global wealth management consultants.

According to its 2018 annual report, the banking giant hopes to have about 6,500 advisors worldwide by the end of 2019. That represents about 5,500 advisors in 2016, said a spokesman.

"We are expanding our footprint to capture more opportunities across the spectrum of wealth management in the United States – from the wealthiest ($ 500,000 to $ 3 million) to the high net worth (from 3 to 10 millions of US dollars) to the very wealthy ($ 10 million or more), "Chief Executive Officer Jamie Dimon wrote in a letter to shareholders.

According to the annual report, the company is particularly looking to expand in high growth areas such as China.

Although the company has put its site on growth, it continues to clean, if necessary. The banking company recently laid off hundreds of workers in the asset and asset management business and made a new round of cuts in August. This followed a periodic review of staffing, a practice common in large financial firms.

The net income of the bank's asset and wealth management unit declined 5% to $ 3.4 billion in the fourth quarter from $ 3.6 billion a year ago, under effect of lower investment valuations, management fees and performance fees.