The traditional role of an investment banker is to provide advice on deals and financings. But JPMorgan’s bankers recently began noticing that clients were asking for more from the firm – like how the nation’s largest bank was navigating artificial intelligence or what cybersecurity practices it used.
Chairman and CEO Jamie Dimon had an idea: formalize a group that can give certain clients access to much of JPMorgan’s “secret sauce.” They’re calling the initiative the “Special Advisory Services,” which launches Monday, with Liz Myers, who also serves as the global chair of investment banking, at the helm.
“These capabilities are on par or better with some of the specialized consulting firms out there,” said Myers in an interview with CNBC. “We think it could help C-suite executives be more effective in their roles and learn from our best practices.”
JPMorgan
identified several dozen adjacent capabilities to offer clients, ranging from investor relations to real estate selection to health-care benefits to technology procurement. At the outset, the firm does not plan to charge for these services. However, if a client seeks a more time-consuming project or a service that exists on an ongoing basis, they may negotiate some sort of fee structure.
