J.P. Morgan 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, according Bloomberg.
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 J.P. Morgan’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, according Bloomberg.
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.