JPMorgan Chase's global wealth management businesses got off to a robust start this year, according to the bank's financial results released Thursday.
Global wealth management, which includes both JPMorgan Private Bank and JPMorgan Securities, generated $1.6 billion in first-quarter revenue, up 9% year-over-year. Revenue was also up from the previous quarter, jumping 4%.
The bank managed the increase in revenue with substantially fewer advisers. At the end of the first quarter, the two units employed 2,480 advisers, down a notable 10% from 2,750 in the same quarter a year ago.
Meanwhile, assets under management swelled 9% year-over-year to $468 billion.
Global wealth management is part of the bank's asset management business, which earned $385 million on $3.1 billion in revenue in the first 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 first quarter, the retail wealth management business had $245 billion in assets, up 11% from $220 billion a year earlier.
Overall, JPMorgan earned $6.4 billion, or $1.65 per share, in the first quarter, compared with earnings of $5.5 billion, or $1.35 per share, in the same quarter a year ago.
"These results reflect strength broadly across our businesses," Marianne Lake, the bank's CFO, said during the earnings call. "We remain well positioned to benefit from client flows and a healthy economy as we serve our clients in the community."
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