Mary Callahan Erdoes is the CEO of J.P. Morgan Asset & Wealth Management, a division of financial giant JPMorgan Chase (JPM 0.06%). It's one of the world's largest investment managers and private banks. She's also a longstanding member of JPMorgan Chase's Operating Committee, its most senior management team.
Erdoes' position makes her one of Wall Street's most influential and powerful people. Some view her as a potential successor to JPMorgan Chase CEO Jamie Dimon.
Here's a closer look at her career and investment approach.
Who is Mary Callahan Erdoes?
Who is Mary Callahan Erdoes?
Mary Callahan Erdoes is one of the most powerful women on Wall Street. She heads J.P. Morgan Asset & Wealth Management, a firm with almost two centuries of experience in managing money for customers. The unit of banking giant JPMorgan Chase has $4.3 trillion in client assets under management.
Even though her father was a former partner at an investment bank, Erdoes credits her maternal grandmother for getting her into finance. She started managing money by balancing her grandmother's checkbook on an adding machine and credits her grandma for helping her get her first job during college, working for Stein Roe & Farnham. Erdoes eventually moved on to Bankers Trust and then to Meredith, Martin & Kaye.
She ultimately joined J.P. Morgan Asset Management (in 1996), first as head of fixed income for high-net-worth individuals, foundations, and endowments. She became the CEO of J.P. Morgan Private Bank in 2005 and ascended to her current role in 2009 when she also joined the Operating Committee.
Mary Callahan Erdoes' personal stats
Mary Callahan Erdoes' personal stats
- Age: 55.
- Source of wealth: Money management.
- Marital status: Married.
- Residence: New York.
- Children: Three.
- Education: Georgetown University; Harvard University (MBA).
Mary Callahan Erdoes' investment approach
Mary Callahan Erdoes' investment approach
Erdoes believes every investor is different. That's driving her to lead J.P. Morgan Asset & Wealth Management to deliver more personalized investments to its clients.
We believe that there is nothing passive about managing money, either how you manage your individual stocks and bonds or your overall portfolio. Managing your wealth is the exact same thing as managing your health. You wouldn't expect a doctor to give the same prescription to every single client.Mary Callahan Erdoes, in an interview with Barron's in early 2023.
She has pushed to transform J.P. Morgan Asset & Wealth Management so it can provide more customized solutions to clients. Over the last few years, she's led the company to make several acquisitions that bring technological capabilities to give its clients more control over their money. In a 2022 interview with American Banker, she said, "There's a day not too far away where you'll be able to toggle up and down all those things that you like or dislike and we can spit out an individual portfolio."
Mary Callahan Erdoes' investments
Mary Callahan Erdoes' investments
While Erdoes oversees one of the largest wealth management firms in the world, she doesn't direct investments, so she doesn't need to disclose stocks she personally owns.
However, as a senior leader of JPMorgan, the company does have to file reports with the SEC on her behalf for changes in ownership of JPMorgan shares that she has received as compensation. As of mid-2023, she held more than 560,000 shares in the bank stock, worth more than $80 million.
More from Mary Callahan Erdoes
More from Mary Callahan Erdoes
As the leader of one of the largest asset and private wealth managers and one of the most influential women on Wall Street, Erdoes is a sought-after thought leader and speaker. She routinely appears at industry conferences and in interviews with the financial media.
She also has a presence on LinkedIn. She occasionally posts links to interviews and to the shareholder letters she pens along with other JPMorgan leaders for its annual reports. JPMorgan's official Twitter account occasionally shares news stories about her and interviews.
Related investing topics
Mary Callahan Erdoes believes every investor is unique
Mary Callahan Erdoes believes every investor is unique
Erdoes worked her way up the corporate ladder to become the chief executive of JPMorgan's Asset & Wealth Management business, one of the oldest and largest in the world. The position makes her one of the most influential women on Wall Street. It also positions her as a potential successor to Jamie Dimon as head of the banking giant.
One of the keys to her success has been a drive to empower JPMorgan's clients with the ability to personalize their investments. Instead of overlooking those with a smaller net worth, she has helped them increase their wealth, attracting more customers.
Erdoes realizes there's no one-size-fits-all investment strategy. Her insight has led Erdoes to build JPMorgan's Asset & Wealth Management division so it could provide customizable solutions to all its clients. This personalization has resonated with customers, leading more to bring their business to the bank.
Mary Callahan Erdoes FAQs
Mary Callahan Erdoes FAQs
What does Mary Erdoes do?
Mary Callahan Erdoes is the CEO of J.P. Morgan Asset & Wealth Management, a division of JPMorgan Chase. She oversees one of the world's oldest and largest investment managers and private banks. She's also a member of JPMorgan Chase's Operating Committee.
In addition to her work at JPMorgan, Erdoes serves on the boards of the U.S.-China Business Council, the Robin Hood Foundation, and Georgetown University (her alma mater).
What is the net worth of Mary Erdoes?
Erdoes had an estimated net worth of around $125 million in mid-2023. A substantial percentage of her net worth ($80 million) is in shares of JPMorgan, where she serves as CEO of Asset & Wealth Management.
What is Mary Erdoes' salary?
Erdoes's total compensation was $25.5 million in 2022, according to a proxy statement filed by JPMorgan in 2023. She received a salary of $750,000, a $9.9 million cash bonus, and almost $15 million in stock awards. That made her the third-highest-paid executive at the bank behind CEO Jamie Dimon and COO Daniel Pinto.
