The Asset & Wealth Management (AWM) unit of JPMorgan Chase reported a net income of $719m for the Q2 of 2019.
This marks a 5% decrease from Q2 of 2018 income of $755m.
Go deeper with GlobalData
The division’s net revenue for Q2 was $3.56bn, almost unchanged compared to the same quarter in 2018.
Assets under management totalled $2.2 trillion at the end of June 2019, a 7% rise from last year.
The bank attributed the growth to inflows into long-term and liquidity products.
The number of wealth management client advisers at the end of Q2 was 2,735.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataJPMorgan group shines in Q2
At group level, JPMorgan registered a net income of $9.65bn in Q2, a 16% surge from $8.31bn last year.
On a reported basis, the group’s total net revenue rose 4% to $28.83bn from $27.75bn.
Provision for credit losses dropped 5% year-on-year to $1.15bn.
Commenting on the performance, JPMorgan chairman and CEO Jamie Dimon said: “We had a strong second quarter and first half of 2019, benefitting from our diversified global business model.”
“We were pleased to announce a meaningful increase to our dividend and repurchases. While we always prefer to invest capital back into the business, our capital plan provides us with the capacity and flexibility to return excess capital to our shareholders,” Dimon added.
