JPMorgan expands private-bank staff while deploying AI to boost adviser productivity

JPMorgan Chase & Co’s private banking arm is integrating artificial-intelligence solutions to handle client onboarding, investment research and other routine tasks, according to Pablo Garnica, who oversees the Europe, Middle East and Africa region. The technology is intended to enhance the client experience and make advisers more efficient by simplifying complex workflows and delivering faster research insights through the bank’s website and app.

At the same time, the firm plans to increase its private-bank adviser workforce in EMEA by about 10-15% within the next three to five years, counter to peers that are cutting jobs. Citigroup has announced similar hiring plans, adding hundreds of wealth advisers in the United States and expanding in Europe and the Middle East. Garnica highlighted the need to engage younger generations as wealth transfers from baby-boomers accelerate, and noted that family offices are focused on geopolitical risk, inflation and AI’s impact, creating opportunities in defence, technology and infrastructure sectors. A recent UBS Group survey found that 60% of family offices intend to adjust asset allocations amid global uncertainty.