JPMorgan Chase & Co has reportedly hired two executives from the rival firms to revamp its online investment offering amid a boom in the online investing space.
The bank has hired Andrea Finan from Goldman Sachs to oversee its self-directed investing business, The Wall Street Journal reported citing a memo sent to employees by JPMorgan.
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It has also hired Paul Vienick to head online investing.
Vienick has held senior positions in firm including Charles Schwab Corp.’s TD Ameritrade. He also held top jobs at Morgan Stanley and Bank of America’s Merrill Lynch unit.
According to the memo, both Finan and Vienick will manage online wealth management and brokerage services.
The people familiar with JPMorgan divulged to the publication that the bank is gearing up to roll out new services early next year.
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By GlobalDataThese include margin and securities-based lending, according to the sources.
The move comes as Covid-19 pandemic accelerated the growth of online investing, with brokerages adding over 20 million accounts last year.
In 2018, JPMorgan launched its online investment offering You Invest.
While it is said to contribute significantly to the bank’s wealth business, it doesn’t match up to rivals in assets and accounts.
As part of an internal revamp in the wealth management division in late 2019, You Invest was rebranded as JPMorgan Self-Directed Investing.
In July this year, Reuters reported that the bank is planning to hire over 500 financial advisers in the next five to seven years as part of its strategy to strengthen wealth management services.
