As in so many other areas of the bank’s franchise, JPMorgan’s wealth management performance in 2023 was a good illustration of the unique qualities of the US’s preeminent banking institution. It is North America’s best bank for wealth management.
The superlatives are hard to avoid. The bank’s asset and wealth management division pulled in nearly half a trillion dollars of net new money in 2023, a feat it attributed in part to investors seeking a haven in the turmoil of the US regional banking crisis in March 2023. JPMorgan says it pulled in client flows at twice the rate of any other publicly listed rival.
Client investment assets rose 25% to $800 billion, even before the acquisition of First Republic Bank through a process managed by the Federal Deposit Insurance Corporation at the end of April 2023. JPMorgan ended 2023 with $950 billion in client investment assets, just shy of its long-term goal of $1 trillion.
“Our
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Publish date : 2024-07-19 03:51:53
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