JPMorgan is the biggest bank in the US and a bellwether for the global financial system. So when it comes to the bank’s most senior leaders and their plans, Wall Street pays attention.
JPMorgan is planning to significantly expand its financial advisor force, bringing the firm closer in size and scope to its rival firms in wealth management. Over the next five to six years, the bank is considering hiring as many as 4,000 advisors to roughly double its current base, US Wealth Management Chief Executive Officer Kristin Lemkau told Business Insider.
Lemkau, who has been with the bank for over two decades and was previously its chief marketing officer, was named head of JPMorgan’s new wealth division last December. Its various wealth businesses, including its self-directed wealth product, were reorganized under one umbrella.
Rivals have meanwhile also been making deals in the asset-management space, putting a spotlight on JPMorgan’s own plans. On the back of Morgan Stanley’s $7 billion deal for asset manager Eaton Vance announced earlier in October, analysts peppered JPMorgan execs with questions about their appetite for M&A.
“Our lines are wide open. We would be very interested, and we do think you’ll see consolidation of the business,” JPMorgan Chief Executive Jamie Dimon said.
Here’s the latest on what’s been going on inside JPMorgan: