Most Powerful Women in Finance: No. 13, JPMorgan Chase's Kelly Coffey
CEO, U.S. Private Bank, JPMorgan Chase
Under CEO Kelly Coffey, JPMorgan Chase’s U.S. Private Bank had a huge year in 2017, growing revenue by 10% and pre-tax income by an eye-popping 19%. And if Coffey’s plans for the future come to fruition, those numbers could well keep heading north.
Last year, Coffey announced a five-year strategy to grow the bank’s already-strong position in the high-net-worth space, adding nearly 1,000 new advisers and opening 24 new offices. The goal is to have a local presence in the 50 largest wealth markets in the country.
Coffey is also using the staff expansion to further her goal of diversifying the bank’s group of advisers. Long a believer in the idea that diverse teams deliver better results, Coffey has initiated unconscious bias training for her own leadership team, and expects to expand the same program to her more than 2,000 employees later this year.
Among existing employees, Coffey has tried to maximize opportunities for collaboration and sharing of ideas. Last year she launched Advice Calls, an internal forum designed to allow wealth advisers working in various offices around the country to share ideas and best practices.
It’s all part of her belief that the wealth management business is a “people business” in which communication, both between advisers and clients and within the bank itself, is key to continued success.