J.P. Morgan Chase's global wealth management businesses delivered an exceptionally strong second-quarter performance, according to the bank's financial results released Friday.
Global wealth management, which includes both J.P. Morgan Private Bank and J.P. Morgan Securities, generated $1.7 billion in second-quarter revenue, up 9% year-over-year. Revenue was also up from the previous quarter, rising 3%.
For the first six months of 2017, the bank's global wealth management businesses brought in $3.25 billion, up 9% from $2.98 billion the year before.
The bank managed the increase in revenue with substantially fewer advisers. At the end of the second quarter, the two units employed 2,452 advisers, down 6% from last year.
Meanwhile, assets under management hit $488 billion, a notable 15% jump from the $425 billion the businesses held at the mid-year point in 2016.
Global wealth management is part of the bank's asset management business, which earned $624 million on $3.2 billion in revenue in the second quarter. In addition to global wealth management, the asset management business includes the bank's mutual fund and institutional business segments.
Separately, the bank's retail wealth management business, which includes its mass-affluent Chase Private Client offering, posted strong gains in client assets. At the end of the second quarter, the retail wealth management business had $253 billion in assets, up 13% from $225 billion a year earlier.
Overall, J.P. Morgan earned $7.0 billion, or $1.82 per share, in the second quarter, compared with earnings of $6.2 billion, or $1.55 per share, in the same quarter a year ago.
"We continued to post very solid results against a stable-to-improving global economic backdrop," Jamie Dimon, the bank's chairman and CEO, said in a statement.
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