JP Morgan Chase's global wealth management business delivered a strong fourth quarter, according to the bank's financial results released Wednesday.
Global wealth management, which includes both JP Morgan Private Bank and JP Morgan Securities, generated $1.5 billion in fourth-quarter revenue, up 4% year-over-year. For the full year, it hauled in $5.7 billion, a 5% increase from 2013.
The banking giant managed the uptick in revenue with fewer client advisors. The number of advisors employed by JP Morgan Private Bank and JP Morgan Securities at the end of the fourth quarter fell 4% to 2,836 from 2,962 a year ago.
Total client assets jumped to $1.1 trillion, an 8% year-over-year increase from $977 billion, while assets under management surged 19% to $428 billion, according to the earnings release.
Global wealth management is part of JP Morgan Chase's asset management business, which generated $3.2 billion in revenue and $540 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, JP Morgan Chase & Co. earned $4.9 billion, or $1.19 per share, in the fourth quarter, down from $5.3 billion, or $1.30 per share, a year ago. For the full year, it earned a record $21.8 billion, or $5.29 per share, compared with $17.9 billion, or $4.35 per share, in 2013.
"Our businesses continue to demonstrate strong momentum and expense discipline," Jamie Dimon, JP Morgan Chase's chairman and CEO, said in a statement in the earnings release. "Each of our businesses and the company are very well positioned going into 2015 for long-term growth and success."