JPMorgan Chase’s wealth management business lost four large financial advisor teams overseeing a total of approximately $13.5 billion in assets to three rivals, including Merrill Lynch.
All the advisors who left on Friday once worked at First Republic Bank, the troubled lender that was engulfed in the regional bank crisis and bought by JPMorgan almost a year ago. The losses represent a setback for JPMorgan, which has been striving to build its wealth management business.
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