Are you an investment banker or senior sales person? Would you like to work with family offices and high net worth individuals instead of corporate and institutional clients? JPMorgan has just the opportunity for you.
After launching 23 Wall, a joint venture between its investment bank and private bank in 2020, there are signs that JPM is staffing-up the operation in London.
It's just recruited Henry Knapman as an MD at 23 Wall in the UK. Knapman, who joined from HM Treasury where he was a senior industry advisor, previously spent 23 years at UBS, latterly as a senior relationship manager across the fixed income and equities business. JPM also added Jeanri Burger as a junior on the team and is advertising for an associate with a wealth management or investment banking background.
Wealth management has long had a reputation for offering a better lifestyle than investment banking, particularly when you're young.
23 Wall is tasked with making JPMorgan's private bank, investment bank and commercial bank capabilities available to family offices and private clients. Although individuals in the business are working for the private bank, JPM says 23 Wall has an "LOB-agnostic mandate," meaning that individuals working there will receive broad exposure to the whole bank.
Selling investment banking capabilities to wealth management clients is popular at other banks too. Credit Suisse, for example, has been hiring for its wealth management advisory unit that provides investment bank services to wealth management clients. CS also spent long years building out its ITS (International Trading Solutions) business to provide global markets products to private clients, although insiders say the business has waned in popularity of late.
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