JPMorgan hired 300 advisers, brokers this year

By Joseph A. Giannone

NEW YORK (BestGrowthStock) – JPMorgan Chase & Co (JPM.N: ), which announced a 23 percent jump in third-quarter earnings on Wednesday, said its asset and wealth management businesses have boosted revenue, attracted new assets and added more than 300 client advisers and brokers this year.

The second-largest U.S. bank said asset and wealth management revenue rose 4 percent to $2.17 billion, although profit fell 2 percent to $420 million, reflecting rising expenses.

Revenue across the bank’s three wealth businesses — JPMorgan Private Bank, JPMorgan Private Wealth Management and JPMorgan Securities — rose 9 percent to $1.18 billion from the prior year and was up 2 percent during the quarter.

Client assets in these business rose 7 percent to $276 billion during the quarter. They were up 4 percent from a year earlier.

The asset management division’s ranks of client advisers rose 17 percent in the past year to 2,209, while the number of brokers in JPMorgan Securities, formerly the Bear Stearns Private Client Services business, rose 15 percent to 419.

Overall, JPMorgan’s assets under management were little changed at $1.3 trillion during the past year, as customer withdrawals from short-term, cash-like investments offset strong inflows into longer term investments and the effect of rising markets.

JPMorgan said it had net inflows of $38 billion in the asset management division during the quarter.

(Reporting by Joseph A. Giannone; Editing by Lisa Von Ahn)

JPMorgan hired 300 advisers, brokers this year