JP Morgan’s private banking division
posted revenue of $1.2bn for the third quarter of 2010, up 9% from
the prior year. Assets under management (AuM) at the private bank
rose 4% to $276bn in the third quarter.
The unit’s assets under supervision
also posted a jump of 18% to $698bn. The asset management unit,
which private banking falls under, posted net income of $420m for
the third quarter of 2010, a decrease of 2% from the year-ago
period.
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Total assets under management for the
bank’s asset management division, which includes private banking,
were $1.3trn, flat on the prior year, but offset by strong net
inflows of $38bn for the quarter. The unit added more than 300
client advisers and brokers in the year-to-date.
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