- JPMorgan, headed up by CEO Jamie Dimon, is the biggest US bank by assets.
- The bank has big plans for wealth management growth.
- JPMorgan also made new digital banking hires, including poaching an exec from Goldman.
- Visit Business Insider’s homepage for more stories.
JPMorgan is the biggest bank in the US and a bellwether for the global financial system. So when the firm’s senior-most leaders talk, Wall Street pays attention.
The bank is set to report first-quarter earnings on Wednesday, April 14. Earlier this month, CEO Jamie Dimon published his annual shareholder letter.
JPMorgan has also recently nabbed three new hires for its digital and product leadership team for consumer and community banking (CBB) from some of its biggest competitors.
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Recent hires and exits at JPMorgan
JPMorgan on April 13 announced three new hires to support its consumer- and community-banking team.
Sonali Divilek, who was the head of product at Goldman Sachs’ Marcus, is one of the hires. The departure of Divilek, whom Chase said would be joining the bank this summer as the head of digital channels and products, represents a blow for Goldman’s consumer business as it looks to compete amid a raft of leadership and engineering exits.
Thasunda Brown Duckett, a rising star at the firm and the first Black woman to join its influential operating committee, left JPMorgan in February to lead financial services and retirement firm TIAA. Jennifer Roberts, who headed the firm’s business banking group, was named the bank’s new consumer head in March.
More on people moves here:
- JPMorgan Chase poached a top Marcus exec along with key hires from Wells Fargo and Google to support a ‘huge agenda’ for digital banking
- The JPMorgan exec who led the bank’s PPP rollout was just tapped as its new consumer banking chief. We’ve got the full memo.
- JPMorgan poached 5 people from Silicon Valley Bank and Bank of America as it builds out teams focused on VCs and ‘disruptive’ commerce
Wealth management plans
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 this fall.
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 in December 2019. Its various wealth businesses, including its self-directed wealth product, were reorganized under one umbrella.
Read more on JPMorgan’s wealth management plans:
- How JPMorgan’s Kristin Lemkau is planning to turbocharge the firm’s $500 billion wealth business, from a rebrand and ramping up advisor training to new tech
- 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