JPMorgan Chase & Co. is moving to recruit around 1,300 advisers over the next three years as it looks to increase assets in its wealth management unit to $1trn, reported Bloomberg News.

According to JPMorgan consumer and community banking operation co-CEO Jennifer Piepszak, the hiring would take the bank’s total number of advisers from about 4,700 to 6,000.

The bank has added 1,100 advisers since 2017, Piepszak added.

There is potential for an incremental $130bn in assets for the advisers hired since 2017, the bank said in its investor day presentations this week.

JPMorgan’s previous plans to expand its offerings, bolster technology and compete for talent were met with criticism, according to the report

The bank maintained its expense outlook of $77bn excluding legal costs, an 8.6% increase from 2021. 

The company also raised its estimate for net interest income excluding its markets business to over $56bn for 2022. This is said to be a 26% increase from last year.

Recent developments at JPMorgan

Earlier this month, Dimon warned that JPMorgan could lose about $1bn over time from its Russia exposure.

This March, a report by Bloomberg News said that the bank is planning to increase the employee headcount in Germany by nearly 25% this year.

It is planning to beef up the Frankfurt team to about 700 by the end of this year, after expanding its team in the city to over 600 people last year.

In March, JPMorgan agreed to buy Global Shares, a cloud-based provider of share plan management software.