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Wall Street wealth units report profit jumps as client assets rise
JPMorgan’s asset and wealth management profit rose 33% year over year to about $2 billion, while overall client assets increased 19% to $7.7 trillion.
Wall Street’s wealth management industry posted a strong second quarter, with major indexes up roughly 10% so far this year, as higher levels of client wealth supported fee revenue across banks, wirehouses, and asset managers, according to Yahoo Finance.
JPMorgan reported that profit in its asset and wealth management unit surged 33% year over year to about $2 billion, and client assets rose 19% to $7.7 trillion. Citi’s wealth division delivered a ninth straight quarter of revenue growth, with profits up 51% year over year to more than $580 million.
Morgan Stanley reached a milestone of $10 trillion in total client assets after adding $148 billion in net new assets this quarter, while Bank of America’s global wealth unit saw profits climb 42% to $1.4 billion, supported by $4.4 billion in management fees. Wells Fargo reported a 28% increase in wealth division profit alongside a 15% rise in client assets.
On the asset management side, BlackRock’s total assets under management grew 22%, driven by a record first-half net inflow of $321, as the industry continued to benefit from large-scale inflows and deepening client relationships, Yahoo Finance reported.