JPMorgan had 2,798 advisers globally in its private bank at the end of the first quarter, a 14% increase from a year earlier. The unit’s revenue climbed 5.8% during the period to $2 billion, while assets under management rose 13% to $1.9 trillion.
As for the Ukraine war, JPMorgan said in March it’s pulling out of Russia, though the private-banking unit didn’t have staff in either country.
“The growth strategy across the EMEA private bank is unchanged,” Garnica said.
This article was provided by Bloomberg News.