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JPMorgan Chase's private bank wants more wealth advisers in Europe, the Middle East and Africa over the next few years, and it is counting on AI to let each of them get through more of the work that surrounds a client. Pablo Garnica, chief executive of the bank's EMEA private bank, told Bloomberg in an interview published Sunday that the unit is using AI to onboard clients, for investment research and for other tasks, with the goal of raising adviser productivity.
He also put a number on hiring. According to Bloomberg's report, Garnica expects the EMEA adviser count to grow 10% to 15% over the next three to five years, with the bank pushing hardest in continental Europe and still growing in the Middle East.
What the software does for advisers
JPMorgan has described its tools in some detail. When Euromoney named it the world's best private bank for digital solutions in March, the magazine described Connect Coach, an adviser tool in the bank's generative AI kit that prepares meeting materials, pulls together market intelligence and suggests next-best actions. The firmwide LLM Suite, the bank's internal large language model platform, had processed millions of adviser prompts by then.
The client-facing side is narrower by design. Euromoney said the bank deliberately avoids automated portfolio construction and personalized investment advice, using AI instead to summarize material and help clients find existing research. "We are a digitally enabled, not digital only, organisation," Andrew Catterall, head of digital and data transformation for the international private bank, told the magazine. |
