The
The firm’s private bank and J.P. Morgan Wealth Management added more than a combined 650 registered representatives on a net basis over the past year — a notable haul that marks
Dimon reminded them that he “can't forecast the future any more than anyone else” and that “everyone's wrong all the time,”
“Wars have unpredictable outcomes. You've already seen it in oil markets. The oil markets are precarious,” Dimon said. “That's another huge cloud on the horizon, and we're prepared for it. We understand it. I can't tell you the outcome of it. I hope those things all disappear and go away, we have a soft landing and the war is resolved. OK? I just wouldn't bet on all that. Being a risk manager, we're going to get through all that. We're going to serve our clients, and we're going to gain share. We're going to come to that earning tremendous returns on capital like we have in the past.”
The bank caught a jittery Wall Street by surprise by putting $900 million aside to be ready for the worst, on top of the more than $5 billion in reserves it freed up last year in case of potential loan losses during the pandemic, The Wall Street Journal
However, the metrics most important to financial advisors and other wealth management professionals looked far rosier. For coverage of the firm’s fourth-quarter earnings,
Note: The firm doesn’t break out specific wealth management metrics across its organization, which includes the Global Private Bank in its Asset & Wealth Management division and J.P. Morgan Wealth Management in the Consumer & Community Banking segment.