Dimon's father joins Bear Stearns advisory unit - News

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Dimon's father joins Bear Stearns advisory unit

By: AFX | 06 Nov 2009 | 05:34 PM ET

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CHARLOTTE N.C., Nov 6 (Reuters) - JPMorgan Chase & Co CEO Jamie Dimon's stated desire to expand his bank's brokerage brought an unexpected new hire: his dad. Theodore "Ted" Dimon left Bank of America's Merrill Lynch Global Wealth Management unit on Friday to join his son's company, adding a five-member wealth advisory team to JPMorgan's Bear Stearns Private Client Services group, JPMorgan spokesman Darin Oduyoye said. Ted Dimon will report to Michael Lee, who heads the group's New York office. Bear Stearns' private client business has 380 employees currently. Its staff has expanded by 17 percent this year, and the younger Dimon said at an industry meeting earlier this year he wanted to hire up to 1,000 financial advisers to bolster its ranks. "Our strategy there is to go to 1,000 of the top, top, top," he said at the Securities Industry and Financial Markets Association annual meeting in October, adding, "So if you're really, really good, call JPMorgan up and we'll be happy to hire you." (For more information, please double click here: ) Oduyoye said the company is also planning to add two new offices next year, the first office expansion in 15 years for the Bear Stearns Private Client business. He said the firm is scouting locations in Texas and the mid-Atlantic, to bolster seven existing U.S. offices. (Reporting by Joe Rauch; additional reporting by Elinor Comlay in New York; editing by Leslie Gevirtz) ((joe.rauch@thomsonreuters.com; +1 704 692 5885; Reuters Messaging: joe.rauch.reuters.com@reuters.net ) Keywords: JPMORGAN/DIMONDAD COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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