Week’s Best: One-Day Exodus at J.P. Morgan | Barron’s
Six advisor teams managing nearly $15 billion in assets left JPMorgan Chase’s brokerage unit a week ago, the largest wave of departures one recruiter says he has seen. What explains J.P. Morgan’s “bloody Friday,” as the recruiter termed it? Five of the six landed at J.P. Morgan when the Wall Street stalwart bought the failing First Republic Bank last year amid a regional banking crisis. One theory is that the advisors have been considering different options since then and pulled the trigger on a move just ahead of an imminent deadline for transferring client assets to J.P. Morgan’s platform.
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