JPMorgan to Hire 1,300 More Advisors

By Hannah Levitt

News May 23, 2022 at 01:41 PM

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JPMorgan Chase & Co. plans to hire about 1,300 advisors over the next three years as part of a strategy to boost assets in its wealth-management operation to $1 trillion.

The additions would bring the total to 6,000 from about 4,700, Jennifer Piepszak, co-chief executive officer of JPMorgan's consumer and community banking operation, said at the firm's investor day Monday.

The bank has already added 1,100 advisors since 2017, she said.

The unit, run by Kristin Lemkau within JPMorgan's massive consumer operation, is one of the key growth initiatives it's highlighting at its investor day Monday.

In a presentation, the firm said there's potential for an incremental $130 billion in assets for the advisors hired since 2017.

Piepszak's comments follow CEO Jamie Dimon's remarks earlier Monday. He said "storm clouds" over the U.S. economy may dissipate, although a recession is possible.

The investor day presentations follow a recent backlash over the bank's plans to ramp up spending to build out offerings, bolster technology and compete for talent.

JPMorgan on Monday maintained its expense outlook of $77 billion excluding legal costs, an 8.6% hike from 2021.

The company also raised its estimate for net interest income excluding its markets business to more than $56 billion for 2022. That would be a 26% increase from last year, according to a presentation on its website.

Shares of the company climbed as much as 4.5% in New York, the biggest intraday gain in more than two months.

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