The largest U.S. bank is revamping its 20-year-old pay structure for J.P. Morgan Advisors, a traditional broker business that a few months ago said it aims to double headcount to about 1,000. The chief executive officer informed staff the new system is coming, before a meeting with the Queen, according to people with knowledge of the conversation. The changes aim to encourage advisers to stick with the bank.
“You are listening to the Queen’s quartet, and I am about to meet the Queen, but I really wanted to be with you all” during the announcement, Dimon told participants on the call. “We are making this the best place to build your practice and serve your clients for your whole career.”