JPMorgan is looking to double its HNW and affluent business by adding more bankers.
The bank said it so far has only captured 1% of the HNW ($3-5m) market.
For its Chase affluent business ($500,000-$5m), it said it has only captured 4% of the market.
In an annual letter to shareholders, JPMorgan’s CEO, Jamie Dimon, said: “We have no doubt that we can grow by adding bankers and locations, particularly because we have some exciting new products coming soon. There is no reason we can’t more than double our share over the next 10 years.”
The bank said that it owns 8% of the US UHNW market ($10m or greater).
Asset management had a revenue of $6.34bn in 2017 while wealth management revenue stood at $6.57.
Since 2006, the bank’s revenues and long-term AUM have grown more than 90%. The bank’s total assets have from $1.3trn in 2016 to $2.8trin in 2017.
The bank has more than 2,600 wealth management advisors.