January 15, 2010 / 3:17 PM / in 8 years

JPMorgan private bank rev higher, wealth mgmt flat

* Q4 private bank revenue up 15 pct

* Q4 wealth management revenue flat at $331 mln

CHARLOTTE, North Carolina, Jan 15 (Reuters) - JPMorgan Chase & Co’s (JPM.N) private bank reported a 15 percent rise in fourth-quarter revenue as rallying markets boosted fees from ultra-rich clients, but wealth management revenue from the merely affluent was flat.

The second-largest U.S. bank reported $723 million in private banking revenue, up from $630 million a year earlier, reflecting a robust rally in stocks from the near collapse of global financial markets in 2008.

JPMorgan said its wealth management business generated revenue of $331 million, little changed from a year earlier.

The bank, which reported fourth-quarter results Friday, did not provide details on client assets or break down sources of revenue.

Revenue from Bear Stearns Private Client Services, a more traditional brokerage business with about 385 advisers, rose 6 percent to $112 million.

JPMorgan was the first major U.S. bank to report fourth-quarter results. Bank of America Corp (BAC.N), Morgan Stanley (MS.N), Wells Fargo & Co (WFC.N) and others are scheduled to report next week. (For more on JPMorgan’s earnings, please click here: [nN15183524])) (Reporting by Joe Rauch; additional reporting by Joseph A. Giannone in New York; editing by John Wallace)

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