As JPMorgan Chase and other megabanks navigate mixed signals in the larger economy, the firm's headcount of financial advisors keeps climbing.
For at least the sixth straight quarter, the bank added more than a net 500 advisors year over year, according to an earnings statement
The megabank set aside a reserve of $1.4 billion based on its "macroeconomic outlook, which now reflects a mild recession in the central case," Chief Financial Officer Jeremy Barnum said in prepared remarks on a call with analysts. At the same time, he said that U.S. consumers and small businesses "are generally on solid footing" as evidenced by higher levels of spending, though their concerns about a potential recession may not yet be showing up in the data.
Rising interest rates are also buffeting earnings, especially in JPMorgan's wealth management arms and its savings accounts. As customers seek the highest yields and consider certificates of deposit, the bank plans to boost its rates at some point, CEO Jamie Dimon told analysts.
"We've never had rates go up this fast," he said. "So I expect there will be more migration to CDs, more migration to money market funds."
To see the main wealth management takeaways from JPMorgan's fourth-quarter earnings, scroll down the slideshow. For coverage of the firm's third-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 JPMorgan Wealth Management in the Consumer & Community Banking unit.
