JPMorgan, Wells Fargo Beat Estimates for Q2

Private banking activities brought in sales of $1.5 billion, up 11% from last year. The retail side had revenues of $654 million, a 35% jump from last year, while the institutional side grew sales 9% year over year to $588 million.

Overall client assets stand at $2.2 trillion, a 10% jump from Q2'12; client assets under management are $1.5 trillion. Overall net flows for the past year were $67 billion, including $3 billion in the most recent period. Plus, the unit has had 17 quarters of positive flows, JPMorgan says.

This business includes 2,804 financial advisors as of June 30, an increase from 2,797 as of March 30 and 2,739 as of June 30, 2012. Across the firm, there are 5,828 advisors vs. 5,795 in the prior quarter and 5,814 a year ago.

Wells Fargo's Wealth, Brokerage and Retirement unit reported revenue of close to $3.3 billion, up 10% from the year-ago period and 2% from the prior quarter, partly due to higher asset-based fees, the bank says.

Net income rose 27% from last year and 29% from last quarter to $434 million.

The retail brokerage reported client assets of $1.3 trillion, up 9% from last year. Managed accounts grew 19% to $52 billion, "driven by strong net flows and market performance," the bank notes.

Wells' wealth-management group said it had client assets of $203 billion as of June 30, up 3% from the prior year. Also, retirement IRA assets grew 12% year over year to $315 billion, while institutional retirement plan assets expanded 11% to $277 billion.

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