JPMorgan Chase's advisor headcount rose by 500 in the third quarter thanks in part to an infusion of wealth managers from the Wall Street giant's acquisition of First Republic bank in the spring.
JPMorgan reported Friday in its third quarter earnings call that it had 8,867 advisors in its Wealth Management and Global Private Bank units by the end of September. That figure was up 500 advisors
A JPMorgan spokesperson confirmed the tally includes former First Republic advisors but didn't have figures for exactly how many.
JPMorgan has been at pains to prevent those advisors from leaving as it joins other Wall Street powerhouses in trying to build up its wealth management units. That business delivered $1.4 billion in net income in the third quarter, up from a $144 million loss in the same quarter last year. That helped to drive the firm's total profits up by 35% to $13.2 billion.
"Things are going well, arguably a little better than we had modeled with the acquisition [of First Republic]," JPMorgan Chief Financial Officer Jeremy Barnum said in an earnings call. "And we're happy to see that."
To see the main takeaways from JPMorgan Chase's third-quarter earnings, scroll down the slideshow. For coverage of the firm's second-quarter earnings, click
Note: The firm doesn't break out certain wealth management numbers for its entire organization, which includes the Global Private Bank in its Asset and Wealth Management division and J.P. Morgan Wealth Management, which is part of the Banking and Wealth Management unit.