JPMorgan is still hiring! Maybe not so much in the investment bank
Speaking today at Davos, Daniel Pinto, JPMorgan's president and the CEO of its corporate and investment bank, told Bloomberg, “When I look at our plans, we will increase our staff this year for sure.” The number of people employed by JPMorgan has been growing and not shrinking, Pinto added.
Last year, JPMorgan added 16,000 people across the bank, an increase of 5%. Despite the last minute cuts at the corporate and investment bank (CIB), headcount there also increased, by 952 people - a far smaller rise of 1%.
This dynamic may well play out in 2024 too. Speaking during last week's investor call, JPMorgan CFO Jeremy Barnum said that although expenses across the bank are expected to increase by $7bn this year, that will be more attributable to increased branches and staffing in the consumer bank, along with higher marketing spend, than to increased spending in the CIB. CIB expenses are likely to grow more slowly, said Barnum, adding that recent spending increases there have been focused on the payments business, where 'aggressive' investments have driven "significant share gains." The biggest driver of spending growth across the CIB this year will be "generic inflation," added Barnum, implying that a hiring spree for bankers, traders and support staff is unlikely.
More will become apparent at JPMorgan's investor day in May. At last year's investor day, the bank said it planned to invest in e-trading, private credit and to expand its investment banking capabilities in the energy and renewables, fintech and retail sectors.
For the moment, JPMorgan has nearly 5,000 jobs open across the bank. CIB vacancies are a small proportion of those, but they include quant research jobs on salaries of up to $200k in New York City and a Financial Institutions Group (FIG) analyst in London. In December, JPMorgan began advertising for a newly qualified chartered accountant to join its London investment banking team. Given that accountants are typically hired into banking jobs when the market turns, this could be interpreted as a good sign.
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