FT News Briefing The battle inside JPMorgan over A-Rod’s millions
Dec 14, 2021
The podcast dives into a fierce internal conflict at JPMorgan, sparked by a senior banker’s battle to retain wealthy clients. The controversy revolves around alleged poaching and the shifting dynamics within the bank. In a related discussion, Apple faces a serious investigation for allegedly retaliating against a whistleblower. The dialogue also touches on European gas prices rising due to regulatory concerns and Harley-Davidson’s strategic shift to spin off its electric motorcycle division.
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JPMorgan's Internal Conflict
- Gwen Campbell, A-Rod's financial advisor, left Merrill Lynch for JP Morgan.
- JP Morgan's private bank then solicited her clients, violating her contract.
Big Bank Flaw
- This internal competition for clients at JP Morgan stems from a flawed big bank model.
- Mergers, like the Bear Stearns acquisition, created competing internal businesses.
Industry-Wide Issue
- This isn't unique to JP Morgan; Bank of America faces similar issues after acquiring Merrill Lynch.
- Gwen Campbell, having come from Merrill Lynch, should be familiar with this dynamic.