JPMorgan chief: We need ‘really good’ brokers
Jamie Dimon, chairman and chief executive of JPMorgan Chase & Co., said he is interested in hiring more retail brokers for the small brokerage business the bank inherited last year when it absorbed The Bear Stearns Cos. Inc.
Jamie Dimon, chairman and chief executive of JPMorgan Chase & Co., said he is interested in hiring more retail brokers for the small brokerage business the bank inherited last year when it absorbed The Bear Stearns Cos. Inc.
“I love the retail business,” he told a luncheon audience yesterday at the annual meeting of the Securities Industry and Financial Markets Association. “So if you’re really good, call JPMorgan, and we’ll hire you.”
In the context of the larger economic, political and regulatory issues that Mr. Dimon addressed in a question-and-answer session with public television star Charlie Rose, it was a lighthearted moment. But the banking executive, once the top lieutenant to brokerage legend Sanford “Sandy” Weill, said retail stock selling is close to home since his father and grandfather were both brokers, while he remembers the days of orders delivered to stock exchange floors via pneumatic tubes.
JPMorgan today has about 350 retail brokers, down from a peak of around 450 under Bear Stearns, but Mr. Dimon said he’d be happy to expand the force to as many as 1,000 “top, top, top” brokers.
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