J.P. Morgan Chase's global wealth management business posted another strong 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 $1.47 billion in first-quarter revenue, up 7% year-over-year. Revenue also inched up 1% from $1.46 billion in the previous quarter.
The banking giant managed the increase with fewer client advisors. The number of advisors employed by J.P. Morgan Private Bank and J.P. Morgan Securities at the end of the first quarter fell 4% to 2,803 from 2,925 a year ago. The client advisor force was also down by 33, or 1%, from the fourth quarter of 2014.
Assets under management for the two businesses surged 17% to $440 billion from $377 billion a year ago, according to the earnings release.
Global wealth management is part of J.P. Morgan Chase's asset management business, which generated $3 billion in revenue and $502 million in profit. In addition to global wealth management, the asset management business includes the bank's mutual fund and institutional business segments, which are referred to as "global investment management" in the company's earnings release.
Overall, J.P. Morgan Chase & Co. earned $5.9 billion, or $1.45 per share, in the first quarter, up from $5.3 billion, or $1.28 per share, a year ago. Profits were up from $4.9 billion, or 20%, in the previous quarter.
"J.P. Morgan Chase continues to support consumers, businesses and communities and make a significant positive impact," Jamie Dimon, J.P. Morgan Chase's chairman and CEO, said in a statement in the earnings release. "We continue to build the company for the long-term, we are investing controls, infrastructure, systems, technology, new products and bankers. We will continue to navigate challenges and deliver for our clients, shareholders and communities.