How JPMorgan is making a big push into wealth management

• JPMorgan is planning to double its advisor force to go head-to-head with wealth giants like Merrill Lynch and Morgan Stanley
• JPMorgan just became the first big bank to give retail wealth clients access to cryptocurrency funds
• How JPMorgan is doubling down on digital investing with its robo-advisor acquisition
• JPMorgan is stepping up marketing for its wealth business and hired Robinhood’s former head of content for a new role
• JPMorgan Chase is aiming to staff all US branches with licensed bankers who can offer investment advice by the end of the year
• JPMorgan’s private-bank CEO is gearing up to go on a hiring spree to add 1,500 advisors. Here’s why he’s targeting talent in Florida and California.
• How JPMorgan’s Kristin Lemkau is planning to turbocharge the firm’s $500 billion wealth business, from a rebrand and ramping up advisor training to new tech
• JPMorgan’s wealth boss Kristin Lemkau is eyeing plans to hire as many as 4,000 advisors as she lays out ambitious plans to catch up to the firm’s rivals

Jamie Dimon succession planning

JPMorgan has been headed by CEO Jamie Dimon since 2005, and he’s the longest-running big bank chief on Wall Street. Dimon, who turned 65 in March, had a health scare in March 2020. But it’s long been something of a running joke to bank watchers that, whenever pressed on retirement plans, Dimon will often respond by saying five more years.

The bank last week granted Dimon a big stock award that pays off as the firm’s shares rise, and he has to stay around five more years to collect it. Dimon’s long-term stewardship, management-succession planning, and JPMorgan’s strong performance since 2005 were some of the factors considered in granting the award, the bank said in a filing.

Dimon’s eventual retirement as CEO of JPMorgan still has more questions than answers. But a leadership shakeup gave new clues about the top internal candidates when he does eventually hand over the reins.

The bank on May 18 promoted two women to co-lead the firm’s massive consumer and community banking business: consumer-lending chief Marianne Lake and chief financial officer Jennifer Piepszak. The pair will take over running the division from Gordon Smith, who’s retiring this year from his roles as co-president and co-chief operating officer of the firm and CEO of CCB. Smith had also been rumored to be in the running for the top job before announcing his retirement.

Read more:

• JPMorgan CEO Jamie Dimon says he intends to stay in his role for a ‘significant amount of time’ despite a recent leadership shake up hinting at his succession plan
• JPMorgan just named 2 new co-heads of consumer banking, and the leadership shakeup gives clues to who will eventually take over from CEO Jamie Dimon

Compensation increases for junior bankers

JPMorgan has increased first-year investment-banking analysts’ base pay to $100,000, Insider has learned.

Across Wall Street, young bankers have been dealing with a heavy load of deal work over the last year. JPMorgan’s move came after a rush of firms this spring showered junior bankers with one-time bonuses, special perks like Peloton bikes, base-pay bumps, or all-expense-paid vacations to combat burnout.

JPMorgan’s investment-banking coheads said this spring that they had recently hired 65 analysts and 22 associates and that there were plans to hire 100 more junior bankers and support staff. Overall, investment banks are still stretched thin when it came to junior talent, with some fast-tracking lateral interviews or looking for more career switchers to fill roles.

JPMorgan was one of the earliest banks to ask employees to return to the office on a full-time basis, along with Goldman Sachs.