J.P. Morgan Chase's global wealth management businesses closed out 2016 on a strong note, according to the bank's financial results released Friday.
Global wealth management, which includes both J.P. Morgan Private Bank and J.P. Morgan Securities, generated $1.5 billion in fourth-quarter revenue, up 7% year-over-year. For the full year, the two businesses brought in $6.1 billion, up 4% from $5.8 billion in 2015.
The bank managed the increase in revenue with substantially fewer advisers. At the end of 2016, the two units employed 2,504 advisers, down a notable 10% from 2,778 a year ago.
Assets under management, however, were flat at $435 billion, virtually unchanged from $437 billion in 2015.
Global wealth management is part of the bank's asset management business, which earned $2.25 billion on $12 billion in revenue in 2016. 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 2016, the retail wealth management business had $234.5 billion in assets, up 7% from $218.5 billion a year earlier.
Overall, J.P. Morgan earned $6.7 billion, or $1.71 per share, in the fourth quarter, compared with earnings of $5.4 billion, or $1.32 per share, in the same quarter a year ago. For the full year, the bank earned a record $24.7 billion, or $6.19 per share.
"Our results this quarter were a strong end to another record year, reflecting our intense client focus and solid performance across our businesses," Jamie Dimon, the bank's chairman and CEO, said in a statement.
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