JPMorgan Chase & Co has reportedly hired two executives from the rival firms to revamp its online investment offering amid a boom in the online investing space.

The bank has hired Andrea Finan from Goldman Sachs to oversee its self-directed investing business, The Wall Street Journal reported citing a memo sent to employees by JPMorgan.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

It has also hired Paul Vienick to head online investing.

Vienick has held senior positions in firm including Charles Schwab Corp.’s TD Ameritrade. He also held top jobs at Morgan Stanley and Bank of America’s Merrill Lynch unit.

According to the memo, both Finan and Vienick will manage online wealth management and brokerage services.

The people familiar with JPMorgan divulged to the publication that the bank is gearing up to roll out new services early next year.

These include margin and securities-based lending, according to the sources.

The move comes as Covid-19 pandemic accelerated the growth of online investing, with brokerages adding over 20 million accounts last year.

In 2018, JPMorgan launched its online investment offering You Invest.

While it is said to contribute significantly to the bank’s wealth business, it doesn’t match up to rivals in assets and accounts.

As part of an internal revamp in the wealth management division in late 2019, You Invest was rebranded as JPMorgan Self-Directed Investing.

In July this year, Reuters reported that the bank is planning to hire over 500 financial advisers in the next five to seven years as part of its strategy to strengthen wealth management services.