Inside JPMorgan’s plans to boost wealth management and battle fintech competition

Jamie Dimon
JPMorgan CEO Jamie Dimon

  • JPMorgan, headed up by CEO Jamie Dimon, is the biggest US bank by assets.
  • The bank has big plans for wealth management growth.
  • JPMorgan is also looking to bring workers back to offices, including a new Manhattan HQ.
  • 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.

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Wealth management plans

MASPETH, NY - NOVEMBER 17: Shivani Siroya, Kristin Lemkau and Stephanie Cohen speak onstage at Girlboss Rally NYC 2018 at Knockdown Center on November 17, 2018 in Maspeth, New York. (Photo by JP Yim/Getty Images for Girlboss Rally NYC 2018)
Kristin Lemkau, the chief executive of JPMorgan’s US wealth management business.

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.

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Recent hires and exits at JPMorgan

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.

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