Net revenue at JP Morgan’s asset management
(AM) division slid 1%, or $36m, to $2.4bn in the first quarter of

However, assets under management (AuM) in its
AM unit increased 4% to $1.4trn over the same period.

Revenue at JP Morgan’s Private Bank, which
accounts for the majority of revenues at its AM unit, was $1.3bn –
3% lower than the first quarter of 2011.

Meanwhile, Chase Private Client locations
increased to 366 from 350 in the last year, and 104 from the prior
quarter, the bank said.

JP Morgan’s Private Bank AuM stood at $291bn
as at 31 December 2011.


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Wells Fargo’s wealth management income
low, revenue up 1%

Meanwhile, Wells Fargo’s wealth, brokerage and
retirement unit reported net income of $296m, a dip of $15m since
the fourth quarter of 2011, and $47m down on the first quarter of
last year.

Revenues at Wells Fargo’s wealth unit rose 1%
to $3.1bn in the first three months of 2012.

This was due to increased asset-based fees,
higher brokerage transaction revenue and gains on differed
compensation plan investments, the bank said.

However, revenues were 3% down when compared
to the first quarter of 2011, due to lower brokerage transaction
revenue, and reduced securities gains in the brokerage

Meanwhile, Wells Fargo’s client assets dipped
$2bn to $202bn on a year-on-year basis.