Jpmorgan private banker salary: JPMorgan Chase & Co. Private Banker Salary

Private Bank | Jobs & Internships

Client-focused culture

For more than 200 years, J.P. Morgan Private Bank has been helping individuals and families around the world and across each stage of their financial lives. We bring indispensable intelligence and personalized insights to help our clients. Our business is fast-growing, and it is truly an exciting time to join our team.

Click below to see opportunities.

Students

Professionals

Advice for generations to come

Your contributions can have lasting implications on clients and the causes they support.

World-class investment performance

We manage $3.8 trillion in total client assets globally.

Breadth and depth

Our training and guidance focuses on combining big-picture concepts with precise solutions.

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[INTRO MUSIC]

MARCELA:

Hi, I’m Marcela. I am currently a banker analyst in the JPMorgan Private Bank Brazil team in the New York City office. I work in the private banking team. We help manage our clients’ wealth. And we do the most basic things like credit cards and helping them with their daily needs, as well as succession planning, structure, and complex lending operations. What I like the most about my role. Clients recognize me. They call me. And then, you can have a conversation as if you’ve known them for years. My manager is constantly giving me feedback, being our voice, giving us plenty of opportunities. I did a presentation in my summer internship, and the slides went to Mary Erdoes, the CEO of Asset and Wealth Management. She emailed me saying it was a great deck. And I still have that email saved in my folder. My day is intense, busy, and unpredictable. Practicing yoga helps you deal with these emotions in the sense of trying to stay calm. [CLAP] Born and raised in Sao Paulo, Brazil. I studied economics in the University of Michigan in Ann Arbor. I feel like I’m a really extrovert individual. Advice I’ve been giving is, “Feedback is always good, even if it’s bad.” Networking is your number one tool. Are we good? Thank you.

[OUTRO MUSIC]

END

What we do in the Private Bank

Our teams of advisors help clients achieve their goals by delivering the right solutions and services across investments, credit and banking. Our dedicated specialists also provide industry-leading advice in financial planning, estate planning, tax planning and philanthropy. This individualized attention supports our clients’ unique goals and helps build, preserve and manage their wealth over time.
 

Our client’s visions, our insights

J.P. Morgan Private Bank provides guidance to help our clients grow and preserve their wealth for all they envision now and in the future. We bring insights to private clients from offices located in financial centers and local communities throughout the world. Learn more about how we do this.

Wealth Planning

Decisions made at every stage of our clients’ lives can have long-lasting implications. We help them evaluate their choices, as well as provide guidance to grow and preserve their wealth for all they envision now and in the future. Find out more about Wealth Planning here.

Investing

Our clients are building businesses, leading companies and pursuing passions. Part of their success is knowing the importance of having the right specialists in place when they need it. Find out more about Investing here.

Lending

A well-thought-out credit strategy can help our clients accomplish wide-ranging financial objectives, both today and well into the future. Find out more about Lending here.

Banking

Personal Attention for Daily Banking. Our clients enjoy distinctive personal service and benefit from an additional level of control and protection. Find out more about Banking here.

Why we’re a great team

The reputation of the J.P. Morgan brand opens doors. We’re focused on helping you identify your strengths, develop your leadership skills and give you opportunities to grow your career.

First-class business in a first-class way

Our culture of performance, transparency and partnership is supported by objective, transparent goals and active teamwork to foster advisor success.

We invest in you

We’re committed to helping you grow at all stages of your career. We help you identify your strengths, provide opportunities to develop both your leadership and technical skills, and give you exposure to teams across our organization.

Direct access to extensive global experience

You and your clients have direct access to comprehensive, best-in-class thought leadership and deep experience across the balance sheet.

A localized boutique within a global firm

As a J.P. Morgan Advisor, you can deliver to clients in a personal way, knowing you have the strength of both our brands and our firm, JPMorgan Chase & Co., behind you.

A commitment to global innovation

We champion continuous innovation, forward-thinking product development and digital leadership.

Where we work

Explore our featured locations around the world.

All locations

JPMorgan Chase & Co. Manhattan Beach, CA Jobs February, 2023 (Hiring Now!)

– 7,600 Jobs

Zippia Score 4.9

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• 4.9

  Part Time Associate Banker Manhattan Beach (30 hours)

  Jpmorgan Chase & Co.

  Banking Associate Job in Manhattan Beach, CA

  Unlike a traditional bank teller role, our Associate Bankers contribute significantly to the success of the branch by delivering exceptional customer experiences, fostering long-lasting relationships, and introducing customers to our licensed bankers. Our Associate Bankers:
  * Engage clients as they enter the branch by welcoming them and making them feel appreciated, including managing lobby traffic, checking clients into the waiting queue and scheduling/canceling client meetings.
  * Help clients with everyday transactions such as deposits, withdrawals, payments, reordering a debit card, setting up a direct deposit or helping update their address, accurately and efficiently, while complying with all policies, procedures and regulatory and banking requirements.
  * Educate clients on the usage of technology self-service options such as leveraging the Chase Mobile App, Chase.com, and ATMs to complete their banking needs, whenever, wherever and however they want.
  * Build relationships with clients by sharing product knowledge and solutions and introducing them to our licensed bankers when an additional opportunity is identified.
  * Assist clients and the branch team by helping with new account openings when needed.
  Minimum Qualifications
  * Minimum 6 months of customer service experience
  * High School diploma or GED equivalent required
  Desired Skills
  * Ability to make personal connections, engage customers, and remain courteous and professional in a team environment
  * Cash handling experience preferred
  * Professional, thorough, and organized with follow-up skills
  * Strong desire and ability to influence, educate, and connect customers to technology
  * Excellent interpersonal communication skills, as well as strong attention to detail and time management
  * Ability to quickly and accurately learn products, services, and procedures

  Entry Level

  High School Diploma Preferred

  $27k-51k yearly est.

  4d ago

  New

  4d ago

• 4. 9

  JP Morgan Wealth Management – Private Client Advisor – Manhattan Beach, CA Area (CA)

  Jpmorgan Chase Bank, N.A.

  Wealth Management Advisor Job in Manhattan Beach, CA

  JPMorgan Chase is committed to providing a vast set of benefits choices as well as a Wellness Program to help you and your family get healthy and stay healthy.

  Junior Level

  Offers Benefits

  Bachelors Preferred

  $64.6k-64.6k yearly

  3d ago

  New

  3d ago

• 4.9

  Wealth Management – Private Bank – Private Banker – Vice President or Executive Director – Manhattan Beach, CA

  Jpmorgan Chase

  Vice President/Managing Director Job in Manhattan Beach, CA

  J.P. Morgan Chase & Co. is a leading global financial services firm with assets of more than $2.7 trillion, over 240,000 employees and operations in over 60 countries. It operates across four business segments including Asset & Wealth Management, Corporate and Investment Banking, Commercial Banking and Consumer and Community Banking.
  J.P. Morgan Asset & Wealth Management, is a global leader in investment and wealth management. Its clients include institutions, high-net-worth individuals and retail investors in every major market throughout the world. The division offers investment management across all major asset classes including equities, fixed income, alternatives, multi-asset and money market funds. For individual investors, the business also provides retirement products and services, brokerage and banking services including trusts and estates, loans, mortgages and deposits.
  J.P. Morgan Private Bank advises the world’s wealthiest families and helps them achieve their desired goals. Our teams of Advisors deliver advice, solutions and services across investments, wealth planning, credit and banking to help clients build, preserve and manage their wealth over time.
  The U.S. Private Bank advises families across the U.S. through 45 offices and represents one of the largest growth opportunities for J.P. Morgan Chase & Co. In 2019, the U.S. Private Bank was recognized by Euromoney as the #1 Private Bank Overall in North America.
  **Our Team**
  As a Private Banker in the Private Bank, you are responsible for advising families on building, preserving and managing their wealth. You will use your knowledge of investments, financial planning, credit and banking to both advise current clients on all aspects of their balance sheet and drive new client acquisition. You will be part of a local team and supported by an institutional platform that has the resources, specialists and intellectual capital to help you advise clients on achieving their desired goals.
  The best Private Bankers are self-starters with a proven track record of success. They are skilled problem solvers who offer specialized advice to clients. For those with an entrepreneurial spirit, a tenacity to succeed and a passion for delivering world class service to our clients, this role is an exciting opportunity to further build your career.
  Our culture of performance, transparency and partnership is driven by objective, transparent goals and active teamwork to foster Advisor success. We are committed to helping you grow at all stages of your career.
  **Responsibilities**
  • Manage and maintain relationships with clients by earning trust, thoroughly understanding client needs, providing targeted advice, developing thoughtful solutions and delivering an exceptional client experience
  • Drive business results and acquire new assets, both from existing client base and new client acquisition
  • Advise clients on their overall balance sheet, including asset allocation, investment management, wealth planning, credit and banking needs
  • Partner with internal specialists to provide interdisciplinary expertise to clients when needed
  • Connect your clients across all lines of business of J.P. Morgan Chase & Co.
  • Ensure that proposed solutions fulfill clients’ needs and objectives in the short, medium and long term through a holistic goals based planning approach
  • Strictly adhere to all risk and control policies, regulatory guidelines and security measures
  **Qualifications**
  • Six plus years of work experience in Private Banking or Financial Services
  • Bachelor’s Degree required; MBA, JD, CFA, or CFP preferred
  • Series 7 & 63 licenses required for position; unlicensed candidates considered but required to obtain licenses within 90 days of start date
  • Energetic and entrepreneurial business builder who thrives and excels in a competitive industry
  • Proactive, takes initiative, and uses critical thinking to solve problems
  • Focuses on the client experience and works tirelessly on the client’s behalf
  • Proven sales success and strong business acumen
  • Dynamic and credible professional who communicates with clarity and has exceptional presentation skills
  • Demonstrates strong organizational skills and applies a disciplined and organized approach throughout their business
  • Strong community presence with an established network
  • Experience or demonstrated understanding of investments, wealth planning, credit and banking concepts
  • Experience with and in-depth knowledge of the equity and fixed income markets and alternative investments, including Hedge Funds, Private Equity and Real Estate
  JPMorgan Chase & Co. , one of the oldest financial institutions, offers innovative financial solutions to millions of consumers, small businesses and many of the world’s most prominent corporate, institutional and government clients under the J.P. Morgan and Chase brands. Our history spans over 200 years and today we are a leader in investment banking, consumer and small business banking, commercial banking, financial transaction processing and asset management.
  We recognize that our people are our strength and the diverse talents they bring to our global workforce are directly linked to our success. We are an equal opportunity employer and place a high value on diversity and inclusion at our company. We do not discriminate on the basis of any protected attribute, including race, religion, color, national origin, gender, sexual orientation, gender identity, gender expression, age, marital or veteran status, pregnancy or disability, or any other basis protected under applicable law. In accordance with applicable law, we make reasonable accommodations for applicants’ and employees’ religious practices and beliefs, as well as any mental health or physical disability needs.
  The health and safety of our colleagues, candidates, clients and communities has been a top priority in light of the COVID-19 pandemic. JPMorgan Chase was awarded the “WELL Health-Safety Rating” for all of our 6,200 locations globally based on our operational policies, maintenance protocols, stakeholder engagement and emergency plans to address a post-COVID-19 environment.
  As a part of our commitment to health and safety, we have implemented various COVID-related health and safety requirements for our workforce. Employees are expected to follow the Firm’s current COVID-19 or other infectious disease health and safety requirements, including local requirements. Requirements include sharing information including your vaccine card in the firm’s vaccine record tool, and may include mask wearing. Requirements may change in the future with the evolving public health landscape. JPMorgan Chase will consider accommodation requests as required by applicable law.
  We offer a competitive total rewards package including base salary determined based on the role, experience, skill set, and location. For those in eligible roles, discretionary incentive compensation which may be awarded in recognition of individual achievements and contributions. We also offer a range of benefits and programs to meet employee needs, based on eligibility. These benefits include comprehensive health care coverage, on-site health and wellness centers, a retirement savings plan, backup childcare, tuition reimbursement, mental health support, financial coaching and more. Additional details about total compensation and benefits will be provided during the hiring process.
  Equal Opportunity Employer/Disability/Veterans
  **Base Pay/Salary**
  Manhattan Beach,CA $170,000.00 – $225,000.00 / year

  Senior Level

  Executive

  Doctorate Preferred

  Bachelors Required

  $170k-225k yearly

  60d+ ago

  60d+ ago

• 4.9

  Sr Home Lending Advisor Los Angeles County CA – South Bay/Long Beach

  Jpmorgan Chase

  Home Advisor Job in Manhattan Beach, CA

  As such, upon active employment with JPMorgan Chase, you will be required to either register on NMLS, or to update your existing registration as necessary to grant access to and reflect your employment with JPMorgan Chase. Your continued employment in this position with JPMorgan Chase is contingent upon compliance with the SAFE Act, including successful registration immediately after your start date, and timely completion of annual renewal and required updates thereafter. Any of the completed information you provide during the Chase on-line application process may be transferred, on your behalf, to NMLS by JPMorgan Chase.

  Mid Level

  Senior Level

  Bachelors Preferred

  $16-16 hourly

  60d+ ago

  60d+ ago

• 4.9

  JP Morgan Wealth Management – Private Client Advisor – Manhattan Beach, CA Area (CA)

  Jpmorgan Chase

  Wealth Management Advisor Job in Manhattan Beach, CA

  + JPMorgan Chase is committed to providing a vast set of benefits choices as well as a Wellness Program to help you and your family get healthy and stay healthy.

  Junior Level

  Offers Benefits

  Bachelors Preferred

  $64.6k-64.6k yearly

  60d+ ago

  60d+ ago

• 4. 9

  JPMorgan Wealth Management – National Branch Financial Advisor – Team Lead – Irvine, CA

  Jpmorgan Chase

  Wealth Management Advisor Job, Remote or Irvine, CA

  In National Branch, as a Team Lead, you will lead a team of Financial Consultants who work in a team
  environment and a dedicated relationship structure to offer a holistic goals-based planning approach
  to help clients achieve all of their financial planning goals through remote channels. Your keen focus,
  motivational skills and leadership qualities are prime attributes as you provide the appropriate
  financial planning strategies to monitor, maintain and deepen client relationships.
  A successful Team Lead creates a culture of excellence in an environment that meets the high
  expectations of our clients. You will have a passion for coaching Financial Consultants to develop deep
  and holistic planning focused client relationships, drive a high-performing collaborative team and deliver
  an exceptional employee and client experience.
  What you will possess:
  At least 5 years of Advisor management experience or relevant industry experience required,
  coupled with a proven track record of developing and coaching high performing Advisor teams
  in both a dedicated and a team based client relationship management channel
  Coach, develop and train Financial Consultants to leverage a holistic goals-based planning
  approach to help clients achieve their financial planning goals, while focused on delivering an
  exceptional client experience
  High degree of investment services and product acumen with experience in goals-based
  planning and advice
  Coach, lead and develop strategies to help Financial Consultants convert high quality leads into
  new clients and helping to maintain those relationships
  Champion and encourage your team’s success and the goals of the firm, while building and
  fostering a culture of diversity and inclusion
  Proven ability to attract, retain and develop a team of remote based Financial Consultants in a
  strategic hub
  Closely partner with the Supervisory Management and be expected to manage all day-to-day
  administrative, supervisory and operational aspects for the business in order to achieve our
  strategic objectives for the team
  Create a culture of risk and control that acts with appropriate understanding and urgency;
  with ultimate responsibility to safeguard our clients and our business
  Be proactive; take initiative to identify solutions, have an entrepreneurial business spirit and
  execute with a sense of urgency. Develop and conduct training when gaps in team and
  individual needs are identified
  Ability to translate knowledge of financial markets and economic trends in the execution of
  growth strategy
  Ability to lead team in a “solution-oriented” mindset to work towards best possible outcomes
  for all clients across multiple geographies
  What you will need:
  A valid and active Securities Industry Essential (SIE)
  A valid and active Series 7
  A valid and active Series 66 (63/65)
  A valid and active 9/10 (or equivalent) is required or ability to obtain within 60 days of starting
  in the role as a condition of employment
  Valid and active insurance Licenses with the Life, Health and Variable lines of authority
  required or may be obtained within 60 days of starting in the role as a condition of
  employment
  Bachelor’s degree preferred
  JPMorgan Chase is an equal opportunity and affirmative action employer Disability/Veteran.
  Chase is a leading financial services firm, helping nearly half of America’s households and small businesses achieve their financial goals through a broad range of financial products. Our mission is to create engaged, lifelong relationships and put our customers at the heart of everything we do. We also help small businesses, nonprofits and cities grow, delivering solutions to solve all their financial needs.
  We recognize that our people are our strength and the diverse talents they bring to our global workforce are directly linked to our success. We are an equal opportunity employer and place a high value on diversity and inclusion at our company. We do not discriminate on the basis of any protected attribute, including race, religion, color, national origin, gender, sexual orientation, gender identity, gender expression, age, marital or veteran status, pregnancy or disability, or any other basis protected under applicable law. In accordance with applicable law, we make reasonable accommodations for applicants’ and employees’ religious practices and beliefs, as well as any mental health or physical disability needs.
  The health and safety of our colleagues, candidates, clients and communities has been a top priority in light of the COVID-19 pandemic. JPMorgan Chase was awarded the “WELL Health-Safety Rating” for all of our 6,200 locations globally based on our operational policies, maintenance protocols, stakeholder engagement and emergency plans to address a post-COVID-19 environment.
  As a part of our commitment to health and safety, we have implemented various COVID-related health and safety requirements for our workforce. Employees are expected to follow the Firm’s current COVID-19 or other infectious disease health and safety requirements, including local requirements. Requirements include sharing information including your vaccine card in the firm’s vaccine record tool, and may include mask wearing. Requirements may change in the future with the evolving public health landscape. JPMorgan Chase will consider accommodation requests as required by applicable law.
  We offer a competitive total rewards package including base salary determined based on the role, experience, skill set, and location. For those in eligible roles, discretionary incentive compensation which may be awarded in recognition of individual achievements and contributions. We also offer a range of benefits and programs to meet employee needs, based on eligibility. These benefits include comprehensive health care coverage, on-site health and wellness centers, a retirement savings plan, backup childcare, tuition reimbursement, mental health support, financial coaching and more. Additional details about total compensation and benefits will be provided during the hiring process.
  Equal Opportunity Employer/Disability/Veterans
  **Base Pay/Salary**
  Irvine,CA $95,000.00 – $150,000.00 / year

  Mid Level

  Senior Level

  Offers Benefits

  Bachelors Preferred

  $95k-150k yearly

  20d ago

  20d ago

• 4.9

  JPMorgan Wealth Management – National Branch Financial Advisor – Team Lead – Irvine, CA

  Jpmorgan Chase & Co.

  Wealth Management Advisor Job, Remote or Irvine, CA

  In National Branch, as a Team Lead, you will lead a team of Financial Consultants who work in a team
  environment and a dedicated relationship structure to offer a holistic goals-based planning approach
  to help clients achieve all of their financial planning goals through remote channels. Your keen focus,
  motivational skills and leadership qualities are prime attributes as you provide the appropriate
  financial planning strategies to monitor, maintain and deepen client relationships.
  A successful Team Lead creates a culture of excellence in an environment that meets the high
  expectations of our clients. You will have a passion for coaching Financial Consultants to develop deep
  and holistic planning focused client relationships, drive a high-performing collaborative team and deliver
  an exceptional employee and client experience.
  What you will possess:
  At least 5 years of Advisor management experience or relevant industry experience required,
  coupled with a proven track record of developing and coaching high performing Advisor teams
  in both a dedicated and a team based client relationship management channel
  Coach, develop and train Financial Consultants to leverage a holistic goals-based planning
  approach to help clients achieve their financial planning goals, while focused on delivering an
  exceptional client experience
  High degree of investment services and product acumen with experience in goals-based
  planning and advice
  Coach, lead and develop strategies to help Financial Consultants convert high quality leads into
  new clients and helping to maintain those relationships
  Champion and encourage your team’s success and the goals of the firm, while building and
  fostering a culture of diversity and inclusion
  Proven ability to attract, retain and develop a team of remote based Financial Consultants in a
  strategic hub
  Closely partner with the Supervisory Management and be expected to manage all day-to-day
  administrative, supervisory and operational aspects for the business in order to achieve our
  strategic objectives for the team
  Create a culture of risk and control that acts with appropriate understanding and urgency;
  with ultimate responsibility to safeguard our clients and our business
  Be proactive; take initiative to identify solutions, have an entrepreneurial business spirit and
  execute with a sense of urgency. Develop and conduct training when gaps in team and
  individual needs are identified
  Ability to translate knowledge of financial markets and economic trends in the execution of
  growth strategy
  Ability to lead team in a “solution-oriented” mindset to work towards best possible outcomes
  for all clients across multiple geographies
  What you will need:
  A valid and active Securities Industry Essential (SIE)
  A valid and active Series 7
  A valid and active Series 66 (63/65)
  A valid and active 9/10 (or equivalent) is required or ability to obtain within 60 days of starting
  in the role as a condition of employment
  Valid and active insurance Licenses with the Life, Health and Variable lines of authority
  required or may be obtained within 60 days of starting in the role as a condition of
  employment
  Bachelor’s degree preferred
  JPMorgan Chase is an equal opportunity and affirmative action employer Disability/Veteran.

  Mid Level

  Senior Level

  Offers Benefits

  Bachelors Preferred

  $73k-133k yearly est.

  22d ago

  22d ago

• 4.9

  Private Client Banker – Burbank San Fernando Branch – Burbank, CA

  Jpmorgan Chase

  Branch Banker Job in Burbank, CA

  At JPMorgan Chase, we have an obsession for taking care of our customers and employees and making them feel welcomed and valued by building lasting relationships, doing the right thing, exceeding expectations and having a strong commitment to diversity and inclusion.

  Junior Level

  High School Diploma Preferred

  $22.5-27.9 hourly

  11d ago

  11d ago

• 4.9

  Part Time Associate Banker San Gabriel (30 hours)

  Jpmorgan Chase

  Banking Associate Job in San Gabriel, CA

  JPMorgan Chase was awarded the “WELL Health-Safety Rating” for all of our 6,200 locations globally based on our operational policies, maintenance protocols, stakeholder engagement and emergency plans to address a post-COVID-19 environment.

  Entry Level

  High School Diploma Preferred

  $22.5-26.1 hourly

  7d ago

  New

  7d ago

• 4.9

  Part Time (30 hours) Associate Banker Glendale Burbank, Glendale, CA- Bilingual (Spanish) Required

  Jpmorgan Chase

  Banking Associate Job in Glendale, CA

  JPMorgan Chase was awarded the “WELL Health-Safety Rating” for all of our 6,200 locations globally based on our operational policies, maintenance protocols, stakeholder engagement and emergency plans to address a post-COVID-19 environment.

  Entry Level

  High School Diploma Preferred

  $22.5-26.1 hourly

  5d ago

  New

  5d ago

• 4.9

  Part Time (30 hours) Associate Banker Glendale Burbank, Glendale, CA – Bilingual (Spanish) Required

  Jpmorgan Chase

  Banking Associate Job in Glendale, CA

  JPMorgan Chase was awarded the “WELL Health-Safety Rating” for all of our 6,200 locations globally based on our operational policies, maintenance protocols, stakeholder engagement and emergency plans to address a post-COVID-19 environment.

  Entry Level

  High School Diploma Preferred

  $22.5-26.1 hourly

  5d ago

  New

  5d ago

• 4.9

  Relationship Banker – Montebello Branch – Montebello, CA

  Jpmorgan Chase & Co.

  Relationship Banker Job in Montebello, CA

  As a Relationship Banker in our Branch Banking team, you’ll take a lead role in delivering an outstanding experience to Chase customers.

  Junior Level

  High School Diploma Preferred

  $33k-49k yearly est.

  6d ago

  New

  6d ago

• 4.9

  Private Client Banker – Burbank San Fernando – Burbank, CA

  Jpmorgan Chase & Co.

  Banker Job in Burbank, CA

  At JPMorgan Chase, we have an obsession for taking care of our customers and employees and making them feel welcomed and valued by building lasting relationships, doing the right thing, exceeding expectations and having a strong commitment to diversity and inclusion.

  Junior Level

  High School Diploma Preferred

  $72k-134k yearly est.

  13d ago

  13d ago

• 4.9

  Commercial Bank – Middle Market Banking & Specialized Industries – Commercial Banker – Long Beach or Century City, CA

  Jpmorgan Chase & Co.

  Commercial Banker Job in Long Beach, CA

  As a Banker, you will be responsible for growing and retaining profitable relationships within the Middle Market Banking & Specialized Industries (MMBSI) target space (companies with revenues between $20 and $500 million).

  Mid Level

  Bachelors Preferred

  $65k-117k yearly est.

  20d ago

  20d ago

• 4.9

  Part Time (30 hours) Associate Banker Glendale Burbank, Glendale, CA- Bilingual (Spanish) Required

  Jpmorgan Chase Bank, N.A.

  Banking Associate Job in Glendale, CA

  JPMorgan Chase was awarded the “WELL Health-Safety Rating” for all of our 6,200 locations globally based on our operational policies, maintenance protocols, stakeholder engagement and emergency plans to address a post-COVID-19 environment.

  Entry Level

  High School Diploma Preferred

  $22.5-26.1 hourly

  6d ago

  New

  6d ago

• 4.9

  Part Time (30 hours) Associate Banker Glendale Burbank, Glendale, CA – Bilingual (Spanish) Required

  Jpmorgan Chase Bank, N.A.

  Banking Associate Job in Glendale, CA

  JPMorgan Chase was awarded the “WELL Health-Safety Rating” for all of our 6,200 locations globally based on our operational policies, maintenance protocols, stakeholder engagement and emergency plans to address a post-COVID-19 environment.

  Entry Level

  High School Diploma Preferred

  $22.5-26.1 hourly

  6d ago

  New

  6d ago

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What is Private Banking?

When the number of zeros in a bank account becomes significant, practical questions arise. For example, such: “How can I save this money?”. For many who have found wealth outside the world of finance, finding the best investment solution can be a real challenge. One popular option made for this problem is private banking.

Private banking is an exclusive financial service that a bank provides to any high net worth (HNWI) client. Each bank sets its own HNWI criterion, but as a rule, it is equal to a minimum of $1 million in liquid financial assets. However, this is not always the case. A large number of financial institutions provide private banking services to those with more modest amounts of assets. For example, private banking Chase (JPM – Get Report) requires no more than $250,000 to access private banking. Some banks even provide a limited number of private services for those with as little as $50,000 in assets.

These services are provided by a “private banker” or “communications manager” that the bank assigns to each HNWI in question. This private banker will conduct a comprehensive due diligence on the client’s overall financial situation and then tailor a range of services to the individual’s specific financial needs. These may include items such as:

• Investment Planning: Private bankers develop investment and portfolio options for you.
• Tax Advice: Private Bankers will look at how you can manage your finances in accordance with current tax laws, as well as possible future changes to it.
• Cash flow management. Private bankers will help you understand and plan your daily cash flow. They can also advise you on the best way to handle invoices.
• Risk Management Solutions: Private Bankers offer plans designed to protect you from damage caused by liquidity risks, interest rate fluctuations and exchange rates.
• Estate planning: private bankers give advice on how to ensure the transfer of wealth to future generations.
• Customized Lending Strategies: Private bankers can recommend creative tactics such as “strategic borrowing” to optimize your cash flow and tax expenses.

In addition to these services, private banking also opens up many benefits at the bank of your choice. You can qualify for a variety of benefits, such as higher interest rates or freedom from overdrafts and fees. You can also access prime interest rates on mortgages, specialized loans, or lines of credit (LOC). In addition, many exclusive financial offers may open up for you. These can be hedge funds, private equity firms, or alternative investments.

What are the advantages of Private Banking?

Confidentiality: the main professional feature of private banking is that it is exclusively private. Private bank customers, their financial assessments and the services they offer usually remain completely anonymous. If the financial estimates and recommendations of a private bank become public, its competitors will have a chance to lure customers with their own set of solutions. This means that you can be sure that the relationship between you and your private bank will remain confidential.

Access: In addition to the services provided by private bankers, all of the above special rates and exclusive offers are available to you once you become part of the program. These specialized interest rates or investment opportunities can be a huge advantage when you are in a long-term relationship with the same financial institution.

What are the disadvantages?

Instability: private bankers tend to have a high level of turnover. This may mean that the private banker you work with will change several times, forcing you to repeat the process of building relationships and understanding in this personalized service.

Conflict of interest: Unlike an independent money manager, private bankers are paid by a financial institution. This may result in them having to choose whether to prioritize your interests or the interests of the bank.

Restricted access and services. While private banking gives you access to exclusive investment deals, they are generally limited to branded products from banks. In addition, the services provided by private bankers, whether investment, tax or legal advice, will certainly be competent and professional. But they will also be more standardized and perhaps less creative than what you might find in external services. The passage of the Dodd-Frank Act after the 2008 financial crisis could also affect these services. With increased pressure on transparency and accountability, banks can offer you a more limited but more secure service.

Private Banking vs Wealth Management

Wealth management refers to a wider range of services than private banking, but both solutions are aimed at optimizing the client’s portfolio. Unlike private banking, it is theoretically available to everyone, not just HNWIs. But, as the name suggests, it is usually the wealthy clients who seek and can afford these services.

Wealth management services are the main vehicle people use when trying to invest in various funds and stocks. They come in all sizes, from large corporations like Goldman Sachs (GS – Get Report) to licensed independent financial advisors and portfolio managers.

The main difference between the two services is the investment of assets. Wealth Management Services will directly invest the assets of their clients. But private banks, while they can and do give investment advice to their clients, very rarely give themselves a license to invest these assets themselves.

However, wealth management cannot offer bonuses such as lower interest rates or better foreign exchange fees that private banking can offer.

Thus, although wealth management refers to a broader and more direct range of financial services, private banking can sometimes cover most of them, and, in addition, offer benefits that arise from a special relationship with the bank, and not from only one financial condition.

Examples

Chase, Credit Suisse, Citibank, Merrill Lynch, Morgan Stanley, UBS and Wells Fargo offer some of today’s most popular private banking services. The most popular of these, UBS, requires $1 million in assets to access private banking services. But others, like Chase, as mentioned earlier, only need $250,000 to access some of their private banking services.

Offer includes benefits such as discounted mortgage interest rates, a $750 rebate on loan closing costs, access to Sapphire Reserve or Sapphire Preferred cards for travel benefits, and asset management services such as financial advisory services, mutual funds, securities-based lending, annuities, and a range of tax benefits.

Banker’s salary | Banking review

Growth of income against the background of depreciation of the dollar denomination

According to Katherine Stalker, Director of Human Resources Advisory Services at PricewaterhouseCoopers, four years ago, the domestic banking industry was completely calm in terms of wage growth: the average increase in nominal wages in 2001 for bank employees was … zero integers and zero tenths of a percent! And already in 2004, in a dynamically developing industry, there was a significant increase in income. Compared to 2003, the basic wages of bank employees increased by an average of 15.5%. This is the highest figure in this century: according to research conducted by PricewaterhouseCoopers, in 2002 the salary of bankers increased by 4%; and in 2003 – by 14%.

If we look at Chart 1 and compare this growth with the inflation rate, we can conclude that the real incomes of employees increased much more modestly. It is only since 2003 that wage growth has exceeded the consumer price index. This is largely due to the fact that in 2001 and 2002 the sectoral labor market was still affected by the consequences of the imbalance that arose after the August 1998 crisis in connection with the then significant reductions in banking personnel. The presence of a fairly large number of unemployed specialists allowed employers to expand staff without raising salaries. However, part of the low income growth during that period was also due to the higher exchange rate of the dollar against the ruble, since most banks have wages denominated in dollars.

It should be noted that the dollar denomination, which in the early 1990s saved bankers’ income from ruble hyperinflation, now, on the contrary, often reduces their wages. This is due to the depreciation of the US currency, which has been occurring in recent months. Thus, last year the real purchasing power of the US dollar in Russia decreased by 15.7%. However, according to a 2004 study by PricewaterhouseCoopers, most banks—two-thirds of the sample—still record wages in dollars. To convert salaries from dollars to rubles, the exchange rate of the Bank of Russia is mainly used. Only three credit institutions switched to internal fixing of the US currency in order to mitigate the drop in the real incomes of their employees.

(It is interesting to note that after the 1998 crisis, the opposite picture was observed: instead of lowering the level of salaries denominated in more expensive dollars, the management of a number of companies set their own internal dollar rate, which at times could be twice as low as the official one. However, this chiefly the directors of industrial firms sinned, while the banks pursued a more honest, albeit rather harsh, policy of reducing staff.) Two banks announced that they began to express salaries in rubles, and one credit institution recently decided to nominate them in euros .

Chart 1 shows that the growth of income in the banking industry is gradually accelerating. The most significant growth was observed in the divisions of lending, corporate finance, treasury and retail services. In the back offices, as well as other staff performing purely administrative functions, the increase in salary was more modest.

A particularly significant increase in wages last year was observed both on the lower and upper “steps” of the official “ladder”, that is, at the level of an ordinary specialist and at the level of the head of department and above. Indirectly, this structure of income growth can be viewed as a response of credit institutions to the intensified competition between them in two segments of the labor market: the segment of top managers and ordinary specialists. Moreover, as Chart 2 shows, this trend was observed both in banks with foreign ownership operating in Russia and in banks with domestic ownership.

The overall increase in base salaries in banks with Russian ownership last year averaged 20.8%, and in banks with foreign ownership – 9.4%. Thus, the income of employees in the first group of banks grew twice as fast as in the second. This is largely due to the fact that the intensified competition for personnel encourages Russian banks, where salaries are lower, to take measures aimed at closing this gap.

Which bank is better to start a career in

However, it is highly doubtful that the existing huge wage gap will be overcome in the near future, since it is based on dramatic differences in labor productivity. Thus, according to a study conducted by PricewaterhouseCoopers in 2003, on the basis of financial statements compiled in accordance with international standards for 2002, one employee of a foreign bank operating in Russia had an average of 4,031 thousand dollars of assets, and in a domestic bank – 1007 thousand dollars. In other words, the labor productivity of a Russian bank manager turned out to be four times less than that of someone who worked in a bank with foreign ownership.

At the same time, the cost per clerk in foreign banks amounted to 45 thousand dollars, and in Russian – 22 thousand dollars. As you can see, the income of an average employee who works in a bank owned by non-residents is twice the average salary of his colleague from a Russian bank. Apparently, this indicates not only a higher qualification of a clerk working in a foreign bank, but also more productive technologies that are used by foreign management. As a result, this leads to the fact that in banks with foreign capital, much less staff is required to perform the same functions as in Russia. As can be seen from Chart 3, even taking into account the high salaries received by employees in foreign banks, one dollar spent on personnel in this group of credit institutions is used much more productively than in Russian banks.

As diagram 4 shows, it is better for a young specialist to start a career in a bank with foreign ownership, since the salary of an ordinary specialist is higher there. But it is preferable for him to finish his career advancement in a domestic bank, where a position at the level of the head of department and above is paid better than in a foreign one. According to experts, higher wages in a foreign bank are also due to the relevant requirements for labor discipline and compliance with the established work regulations.

In Chart 4, we compared the differences in income levels between different categories of bank employees who work in both foreign and Russian banks. At the same time, we equated the salary paid in a credit institution owned by non-residents to 100%. Well, what are the job differences within these two groups of banks? Diagram 5 answers this question, where the salary of an ordinary specialist (in foreign and Russian banks) is taken as the basis for comparison (that is, for 100%).

Diagram 5 clearly shows that as you move up the job ladder “specialist – head of department”, the salary in a bank with foreign ownership grows 1.6 times, and in a bank with domestic ownership – 2 times. To all appearances, the personnel policy of foreign owners consists in appropriate material incentives for an ordinary specialist, who is considered the narrowest link in terms of staff turnover. In turn, the leadership of domestic banks relies on highly paid tops responsible for developing the strategy and tactics of the bank. This is partly due to the fact that the Russians do not yet have enough proven business technologies, and therefore they need high-class managers who can radically improve the situation with the organization of work.

From the point of view of regional differences in wages, Moscow banks are clearly in the lead, behind which credit organizations of the northern capital are significantly behind. This significant gap is explained not only by a significant difference in the cost of living, but also by the fact that the level of responsibility and the number of subordinates, for example, for a department head in the Moscow head office of a bank and a department head in a St. Petersburg branch, are very different.

According to Katherine Stalker (PricewaterhouseCoopers), recently a small stratum of working foreign citizens has appeared in the banking sector. So, in Moscow their share is 0.1% of the total number of personnel, in St. Petersburg – 0.06%. Usually, when concluding a contract with foreign bankers, the employer focuses on the industry level of wages in the country from which he is invited, plus pays an additional bonus for the inconvenience associated with moving to a new place of residence. If a foreign citizen comes to our country by transfer, that is, to work in a bank that is part of a transnational financial group, then he is also entitled to a seniority bonus.

As a rule, 3-4 high-ranking managers work in banks with foreign ownership, while banks with domestic ownership are focused on inviting not only top managers, but also highly qualified specialists, such as risk managers, bank analysts, dealers, etc. . Apparently, foreign bankers are needed by foreign banks operating in Russia in order to actively pursue the policy of ownership. In turn, Russian credit organizations, by hiring foreigners, want to use them to introduce more advanced banking technologies, and at the same time to join the more advanced Western corporate culture.

A million dollars for the president

The ethics of labor market research commissioned by its participants generally do not include public disclosure of the absolute salary level by the consulting firm involved in this work. That is why we decided to supplement PricewaterhouseCoopers’ non-business information with data obtained from an informal survey of bank officials.

The official personnel policy of almost any bank (the owner usually insists on this) is that a specialist should be hired for any highly paid position only on a competitive basis. But often the competition is held only for appearances, and they take their man to a warm place. Domestic credit organizations are especially guilty of this approach. But sometimes the local mentality affects the personnel policy of a foreign bank.

However, now a credit institution needs more and more “workhorses” for successful work. Especially in such units that directly earn money. For example, in the client or credit department, securities department, etc. In order to stimulate work, employees in these divisions have been transferred to percentages. Typically, the payment of a bank employee consists of two parts: a salary (“fixing”) and a percentage of the profits received. But recently, some particularly advanced banks are increasingly attracting young people, promising at first only interest. Within a few months of work, screenings are made, after which only a few are enrolled in the bank’s staff. As a result, the bank manages to earn a good profit on the enthusiasm of the “recruits” with little money. But the other side of the coin of such a personnel policy is a high turnover of personnel. As one “percentage client” told us, the wide range of monthly salary fluctuations – from $ 200 to $ 1,000 – drives him into despair and makes him think about changing jobs.

On the whole, the wages of the vast majority of bank employees, as well as those employed in other sectors of the Russian economy, are divided into official and unofficial. One common shady payroll scheme, at least until recently, was employee life insurance paid for with interest-free bank loans. Before the well-known precedent with the Yukos case, the ratio between white and gray wages in some credit institutions sometimes reached 30 and 70%.

The usual salary level for ordinary operating employees of additional offices and branches in Moscow is $400-500 per month. Qualified professionals with extensive experience employed in business units receive up to $1,000. Middle managers, heads of groups, sectors or departments, as a rule, earn up to 1500-2000 dollars. The head of a division or department considers a salary of $2,000 as the minimum: in a large or small, but successful bank, he can count on an additional $500-1,000, and sometimes more. Moreover, if the bank sets the task of outbidding the necessary specialist, then the salary of, for example, the head of a department, who is exclusive in terms of his business qualities, can be 500-1000 dollars higher than that of his colleagues.

All these figures, of course, refer only to the remuneration of the capital’s bankers, but in the regions a similar salary is often two or even three times lower. A characteristic feature of payment in many credit institutions with state participation is a relatively small salary for lower-level employees, but top management there receives at the level of other large banks. Particular attention should be paid to the salaries of the banking elite – presidents, vice presidents, chairmen and deputy chairmen of the board. So, a person from this cage, working in a profitable large bank, may well receive up to a million dollars a year, that is, 80-100 thousand greenbacks a month! And this is not the limit!

In addition to regular remuneration, a bank employee can receive a good bonus at the end of the year. But it is paid only when these payments are authorized by the meeting of shareholders of the bank. As a rule, only those departments of the bank that are involved in making money can claim this remuneration: client and credit departments, securities department, etc. At the same time, each credit institution has its own approaches to the distribution of the bonus. But most often, the amounts are distributed among departments, within which the money is divided by the head. However, dealers and traders are required to pay bonuses under the contract: as a percentage of their earned profits.

In Western and some leading Russian banks, the bonus payment has been put on a more objective level. It is based on the so-called transfer pricing, developed in the West as a method of dividing the price pie into appropriate layers. This allows the management of the bank to give a correct assessment of the contribution of each earning unit to the total profit of the bank. Bank self-support allows better incentives for the work of staff, but at the same time often leads to numerous conflicts of interest if the established rules of the game are not perceived by all employees as fair.

Many banks provide employees with a fairly hefty social package. One of the common social bonuses is the service of all bank clerks in elite medical institutions, for example, in the clinics of the Council of Ministers, with which an appropriate agreement is concluded. Sometimes this health insurance costs the banker nothing, but usually he has to pay part of it out of his own pocket, and the rest of the amount is compensated by the bank. In many credit institutions, employees are compensated for lunches, for paying for cellular services (for a middle manager and above, or for any employee, if this is related to the performance of his official duties), travel in public transport, etc. True, recently the management of many commercial banks has taken a course towards curtailing benefits, rightly believing that their subordinates receive quite normal salaries, which they can dispose of at their own discretion. Nevertheless, according to experts, corporate benefits unite the team better than a regular salary increase. In any case, the opportunity to be treated, for example, in the clinic of the Ministry of Finance, is often valued by many employees much more than the additional $ 100 promised to them by a competing bank . ..

Why PricewaterhouseCoopers is interested in the income of bankers

The purpose of the industry labor market review is to identify differences in pay both for different groups of banks and for different categories of employees. The information obtained is necessary not only for the personnel departments of banks in order to correctly navigate when hiring new employees, but also for managers interested in reducing staff turnover.

In 2004, 42 banks participated in the labor market survey conducted by PricewaterhouseCoopers, of which 33 were already involved in the 2003 survey. At the same time, half of the participants in the 2004 survey are banks with 100% foreign ownership, a third are 100% Russian-owned, and the rest are credit institutions with mixed ownership. As of July 1, 2004, 14 participating banks had less than 100 employees in Moscow, 16 banks had more than 600 employees.

It should be noted that in the West labor market surveys are conducted by consulting firms on a regular basis.