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:
Wealth management
- JPMorgan’s wealth boss Kristin Lemkau is eyeing plans to hire as many as 4,000 advisors as she lays out ambitious plans to catch up to the firm’s rivals
- Wells Fargo CEO Charlie Scharf just hired another JPMorgan alum — this time, to run wealth management. Here’s how Jamie Dimon’s one-time protege has been building up his team.
- JPMorgan is taking aim at apps like Robinhood by quietly rolling out options trading to select You Invest customers
- JPMorgan and UBS private wealth execs explain why they’re doing more private share-backed lending to Silicon Valley
JPMorgan’s M&A plans
- JPMorgan and BlackRock are both looking to take part in the massive wave of money-manager mergers. Their execs gave some clues on what they could buy.
- Morgan Stanley’s big bet on Eaton Vance is the latest in a wave of asset manager M&A. Bankers and industry experts told us the 4 firms that could be the next target.
- Jamie Dimon says JPMorgan will be ‘much more aggressive’ on acquisitions just days after Morgan Stanley revealed plans to buy E-Trade
- Industry insiders reveal the 5 companies they think JPMorgan could try and buy after Jamie Dimon said the bank would be ‘much more aggressive’ on M&A
Tech investment and digital transformation
- JPMorgan just inked a deal with a startup to let airlines and hotels tap their loyalty programs for capital. Here’s why it’s a game-changer for cash-strapped companies.
- Goldman Sachs, JPMorgan, and Citi are Wall Street’s most active fintech investors. These are the 10 startups they’ve poured money into so far this year.
- Here’s a look at what technologists get paid at JPMorgan, where senior engineers can make upwards of $200,000
- JPMorgan, Morgan Stanley, and Goldman Sachs execs gave us an inside look at how they’re slashing the time and cost of bringing fintechs onboard as Wall Street looks to newcomers for innovation
Retail banking
- Here’s what execs at Bank of America and JPMorgan are thinking about the future of brick-and-mortar branches as digital banking adoption soars
- Chase is adding 100 branches and hiring home-lending advisors to help boost access to mortgages for Black and Latinx customers
- JPMorgan Chase has named the president of its co-brand credit cards business as its new CMO
Coronavirus response
- Wall Street is starting to get back to work. Here are the latest return-to-office plans for 5 firms, including Goldman Sachs and Bank of America.
- JPMorgan Chase is looking into customers’ misuse of PPP loans — and the role the bank’s own employees played
- JPMorgan says the coronavirus pandemic has distorted a key gauge it uses to manage billions in loan losses, and explains why the ‘easy months’ of delinquencies may soon be over
Leadership and succession
- We identified the 70 most powerful people at JPMorgan. Here’s our exclusive org chart.
- JPMorgan CEO Jamie Dimon had emergency heart surgery as markets were crashing and coronavirus was spreading. Insiders told us exactly what happened in the 48 hours after he rushed to the hospital.
- After a health scare for Jamie Dimon, succession is in the spotlight at JPMorgan. Here are 6 powerful execs at the biggest US bank who could replace him.
- JPMorgan handed its CFO a new role and it could be a sign she’s a candidate to replace Jamie Dimon
- JPMorgan is going through a big investment-banking leadership shakeup and 18 rainmakers have new roles keeping its biggest clients happy
Trading
- A monster trading quarter saved the day at JPMorgan and Citigroup
- JPMorgan’s top Treasuries trader Rob Allen has been placed on leave amid a compliance review of his electronic messages
- JPMorgan has pulled at least 3 bond traders off the trading floor as part of its 2nd investigation this year into chat messages
- A star quant just left JPMorgan for Citigroup in one of the most fiercely competitive hiring grounds on Wall Street
Investment banking
Recruiting and talent
- Wall Street job cuts are back — here’s the latest on what Goldman, Wells Fargo, JPMorgan, and other banks are doing
- Here’s how much investment-banking associates at Morgan Stanley, Goldman Sachs, JPMorgan, and other big banks are getting paid
- From Goldman Sachs to JPMorgan, here’s what you can make at all the bulge-bracket banks as a first-year IB analyst
- JPMorgan’s investment bank is scrapping on-campus visits in favor of video interviews and online games as Wall Street targets the next generation
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