(Bloomberg) -- Jamie Dimon had a pair of surprises when he dialed into a conference call with a group of JPMorgan Chase & Co.’s wealth advisers: He was at Windsor Castle, and oh, he’s boosting their compensation.

The largest U.S. bank is revamping its 20-year-old pay structure for J.P. Morgan Advisors, a traditional broker business that a few months ago said it aims to double headcount to about 1,000. The chief executive officer personally told staff the new system is coming on the call before a meeting with the Queen, according to people with knowledge of the conversation. Dimon said the changes will encourage advisers to stick with the bank, one of the people said.

“It’s not just hiring more advisers and updating compensation. It’s the creation of concierge services, improved products, investing in talent and marketing,” Dimon told participants on the call. “We are making this the best place to build your practice and serve your clients for your whole career.”

The move comes amid pressure on Wall Street to boost pay as the pandemic spurs business, drives up profits and forces executives to ensure their workforces aren’t vulnerable to poaching by competitors. JPMorgan said its expenses will probably climb in 2022 as the bank meets clients’ demands.


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