J.P. Morgan shares close lower on Tuesday, J.P. Morgan Private Bank announces new hires to reach more clients in BeNeLux and Nordic area

December 5, 2018 10:25 am

J.P. Morgan Private Bank announced on Tuesday that it had recently hired several new advisors, as it seeks to expand its reach to ultra-high net worth customers in several European markets of high significance to the company.

J.P. Morgan Chase shares closed lower for the fifth time in the past eleven trading sessions in New York on Tuesday. It has also been the steepest daily loss since February 5th. The stock went down 4.46% ($5.01) to $107.23, after touching an intraday low at $106.77, or a price level not seen since November 23rd ($106.06).

Shares of J.P. Morgan Chase & Co have risen 0.27% so far in 2018 compared with a 0.99% gain for the benchmark index, S&P 500 (SPX).

In 2017, J.P. Morgan’s stock soared 23.93%, thus, it outperformed the S&P 500, which registered a 19.42% return.

David Agie de Selsaeten has been appointed as Managing Director and senior Banker. He will be responsible for new client acquisitions and will provide wealth management advice and solutions to targeted clientèle in Belgium, the Netherlands and Luxembourg (BeNeLux).

Previously a part of Deutsche Bank’s team, Achim Unger has been appointed as Executive Director and Investment Advisor. He is to contribute to driving the bank’s investments strategy and portfolio positioning and will also focus on long-term wealth management planning for targeted clientèle in Belgium, the Netherlands and Luxembourg.

Meanwhile, Akif Söderström has been appointed as Vice President and Investments Advisor and will cooperate with J.P. Morgan’s global investments team, while focusing on clients based in Nordic countries. Söderström previously was in Danske Bank International.

Based in Luxembourg, Agie de Selsaeten, Unger and Söderström are expected to report to Riccardo Pironti, Managing Director and Market Manager, J.P. Morgan said.

According to CNN Money, the 29 analysts, offering 12-month forecasts regarding J.P. Morgan Chase & Co’s stock price, have a median target of $124.00, with a high estimate of $138.00 and a low estimate of $104.00. The median estimate represents a 15.64% upside compared to the closing price of $107.23 on December 4th.

The same media also reported that 14 out of 31 surveyed investment analysts had rated J.P. Morgan Chase & Co’s stock as “Buy”, while other 14 – as “Hold”.

Weekly Pivot Levels

By using the traditional method of calculation, the weekly levels of importance for J.P. Morgan Chase & Co (JPM) are presented as follows:

Central Pivot Point – $110.01
R1 – $112.58
R2 – $113.96
R3 – $116.53
R4 – $119.09

S1 – $108.63
S2 – $106.06
S3 – $104.68
S4 – $103.29

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