The Asset & Wealth Management (AWM) arm of JPMorgan Chase registered a net income of $668m for the third quarter of 2019, a fall of 8% from the previous year’s figure of $724m.

The unit’s total net revenue for the three-month period ended 30 September 2019 was $3.57bn, almost stable compared to the same period last year.

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Assets under management totalled $2.25 trillion at the end of September 2019, up 8% from a year earlier.

JPMorgan chairman and CEO Jamie Dimon said that in “Asset & Wealth Management, both AUM and client assets were a record helped by strong net inflows into long-term and liquidity products”.

The number of wealth management client advisers at the end of the quarter was 2,872.

Group highlights

At group level, JPMorgan’s net income increased 8% to $9.08bn from $8.38bn

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On a reported basis, the group’s total net revenue rose 8% year-on-year to $29.34bn.

Provision for credit losses increased to $1.51bn from $948m.

Dimon added: “In the US economy, GDP growth has slowed slightly. The consumer remains healthy with growth in wages and spending, combined with strong balance sheets and low unemployment levels.

“This is being offset by weakening business sentiment and capital expenditures mostly driven by increasingly complex geopolitical risks, including tensions in global trade.

“Regardless of the operating environment, JPMorgan Chase will continue to serve our customers, clients and communities globally, while investing in innovation, talent,
technology, security and controls.”