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Dimon Says JPMorgan Can Double Share of HNW Market

April 9, 2018

JPMorgan could double its share of the high net worth wealth management business in the next decade, CEO Jamie Dimon tells shareholders in the company’s annual letter, according to Bloomberg.

The company’s share of the high net worth market — investors with $3 million to $10 million in liquid assets — is currently 1%, he writes, according to the news service. JPMorgan’s share in the affluent market — investors with $500,000 to $5 million in assets — is now 4%, according to Dimon, Bloomberg writes. By adding bankers and branches, Dimon says there’s “no reason we can’t more than double our share over the next 10 years,” according to the letter cited by the news service. The CEO also believes the firm can expand its share of the ultra high net worth segment, where investors have $10 million or more in assets, in which JPMorgan currently controls 8% of the U.S. market, he writes, according to Bloomberg.

Dimon in fact sees opportunities “almost everywhere,” including areas in which the firm is already the dominant player, such as currencies, commodities and fixed income, as well as corporate, consumer and investment banking, the news service writes.

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The CEO does see a potential risk in the possibility that the world’s central banks reverse their policies of quantitative easing, according to the Wall Street Journal. Nonetheless, his 47-page letter is generally optimistic about JPMorgan’s future, pointing to the U.S. tax overhaul as well as a “more constructive regulatory environment” as factors that will let the firm grow its business, the paper writes.

By Alex Padalka
  • To read the Bloomberg article cited in this story, click here.
  • To read the Wall Street Journal article cited in this story, click here.