J.P. Morgan Chase’s global wealth management business stalled in the third quarter, according to the bank’s financial results released Tuesday.
Global wealth management, which includes both J.P. Morgan Private Bank and J.P. Morgan Securities, generated $1.4 billion in revenue, down 2% year-over-year. Revenue was also off from the previous quarter, sliding 6% from $1.5 billion.
At the end of the third quarter, the two units had $438 billion in assets under management, up 2% year-over-year but down 3% from the prior quarter. The two businesses employed 2,796 advisors, down 3% from 2,873 a year ago.
Global wealth management is part of the bank's asset management business, which earned $475 million on $2.9 billion in revenue in the third quarter. The asset management business also includes the bank’s mutual fund and institutional business segments.
The bank's retail wealth management business, which includes its mass-affluent Chase Private Client offering, posted $213.3 billion in client assets at the end of the third quarter, up 3% year-over-year. There were roughly 418,000 Chase Private Client customers, up a significant 44% from last year. Chase Private Client targets investors with a minimum of $250,000 in investable assets.
Overall, J.P. Morgan earned $6.8 billion, or $1.68 per share, in the third quarter, up from $5.57 billion, or $1.35 per share, a year ago. Profits were also up 8% from the previous quarter.
“We had decent results this quarter,” Jamie Dimon, chairman and CEO of J.P. Morgan Chase, said in a statement in the earnings release. “We continue to focus on our commitments, optimize our balance sheet and manage our expenses. We are also building the businesses of the future, dedicating resources to controls, cybersecurity and technology.”