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UPDATE 1-Dimon's father joins Bear Stearns advisory unit

Sat Nov 7, 2009 5:11am IST
 
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* CEO Dimon's father joins Bear Stearns from BofA ML

* Latest in an effort to grow brokerage

* Dimon previously said wants to add 1,000 advisers (Adds age of Ted Dimon, background, byline, previous CHARLOTTE)

By Elinor Comlay and Joe Rauch

NEW YORK, Nov 6 (Reuters) - JPMorgan Chase & Co (JPM.N: Quote, Profile, Research) CEO Jamie Dimon's desire to expand his bank's brokerage unit has resulted in an unexpected new hire -- his dad.

Theodore "Ted" Dimon, 78, left Bank of America Corp's (BAC.N: Quote, Profile, Research) Merrill Lynch Global Wealth Management unit on Friday for his son's company, joining JPMorgan's Bear Stearns Private Client Services group as one of a six-member wealth advisory team, the bank said.

Ted Dimon, who began his career in 1953 working for his father as a stockbroker, 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 that 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: [ID:nN27257290])  Continued...

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