Investing
JPMorgan to Double Advisers as Wall Street Vies for Wealthy
- Lender to add more than 500 in boutique wealth business
- Wall Street banks bulking up units that cater to the affluent
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JPMorgan Chase & Co. is planning to more than double the advisers in its traditional broker business as the Wall Street giant plots an expansion in wealth management amid intensifying competition for rich clients.
The bank aims to hire more than 500 advisers in coming years, bringing its total in the unit to 1,000, said Kristin Lemkau, who oversees the lender’s U.S. wealth-management arm. JPMorgan will also try to knit the unit closer to wealth managers who work in retail branches and help advisers more efficiently guide clients to other parts of the bank.