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September 15, 2021

JPMorgan makes senior hires to rise digital investment boom

By Verdict Staff

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.

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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.

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.

These 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.

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Cyberattacks continue to rise every year and no sector seems to be immune. Hackers target sensitive information such as organizational, client, and financial data, as well as intellectual property (IP) and proprietary functions. As digital transformation becomes a top priority for many organizations, traditional perimeter-based security models are no longer sufficient to address the growing cybersecurity concerns. Against the backdrop, enterprises explore zero trust as it takes a micro-level approach to authenticate and approve access at every point within a network. Reasons to read: The cybersecurity landscape is swiftly changing, and businesses need more awareness to meet the evolving change. The report highlights the current state of play and the future potential of the zero trust approach in cybersecurity to protect critical digital infrastructure of enterprises across sectors such as financial services, healthcare, telecom, and transportation, among others. Read our report and gather insights on the following topics:
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