JPMorgan Chase & Co.'s revised advisor headcount for its First Republic Bank acquisition has been called into question as it does not align with industry information. JPMorgan's advisor headcount for the acquisition is now 229 financial advisors, up from the previously reported 150.
According to InvestmentNews, the confusion stems from a statement made by JPMorgan Chase's chief financial officer, Jeremy Barnum, who said that there were "still nearly 150 financial advisors with" First Republic. JPMorgan revised that number to 229 following Barum's statement.
Despite a recent recount by JPMorgan Chase, dozens of advisors have still left First Republic Bank. InvestmentNews had previously reported that First Republic had a net gain of 233 financial advisor hires since 2010. After news of JPMorgan Chase's acquisition, the bank's financial advisor headcount dropped by one-third. Other industry publications recently reported that nearly 25% of First Republic's financial advisors have left the firm. Regardless of the correct number, advisors continue to leave First Republic.
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