J.P. Morgan Chase's global wealth management businesses delivered a strong third-quarter performance, according to the bank's financial results released Friday.
Global wealth management, which includes both J.P. Morgan Private Bank and J.P. Morgan Securities, generated $1.5 billion in third-quarter revenue, up a significant 10% year-over-year and up 2% from the previous quarter. For the first six months of 2016, the two businesses brought in $4.5 billion in revenue, up 3% from the same period in 2015.
The bank managed the increase in revenue with substantially fewer advisers. At the end of the third quarter, the two units employed 2,560 advisers, down a notable 8% from 2,796 a year ago.
Assets under management, however, were off slightly year-over-year, falling 1% to $433 billion from $438 billion. They were up 2% from the previous quarter.
Global wealth management is part of the bank's asset management business, which earned $557 million on $3 billion in third-quarter revenue. In addition to global wealth management, the asset management business includes the bank's mutual fund and institutional business segments.
Separately, the bank's retail wealth management business, which includes its mass-affluent Chase Private Client offering, posted strong gains in client assets. At the end of the third quarter, the retail wealth management business had $231.6 billion in assets, up 9% from $213.3 billion a year earlier.
Overall, J.P. Morgan earned $6.3 billion, or $1.58 per share, in the third quarter, compared with earnings of $6.8 billion, or $1.68 per share, in the same quarter a year ago.