JPMorgan Loses Top Advisors: $13B in Assets Gone

JPMorgan Chase Faces Major Setback as Wealth Management Business Bleeds Assets

In a significant blow to JPMorgan Chase’s wealth management business, the financial giant lost four large financial advisor teams overseeing a whopping total of approximately $13.5 billion in assets. These teams defected to three of JPMorgan's fiercest rivals, most notably including Merrill Lynch. This exodus marks a considerable setback for JPMorgan, which has been aggressively trying to expand its footprint in the wealth management sphere.