Amidst massive layoffs by banks, JP Morgan plans hiring as the sector revives

JP Morgan Chase & Co plans to hire this year as the firm is seeing opportunities across the banking sector from dealmaking to US wealth management to international retail banking. The bank's president Daniel Pinto in an interview to Bloomberg mentioned that the US bank is seeing "plenty of growth" and “all the components are for a strong year”.

Hiring by Jp Morgan

JP Morgan closed out on its most profitable year in US banking history. The hiring plan comes, as many of the banking executives expect dealmaking to pick up following a prolonged drought that brought investment-banking revenue last year to the lowest level in more than a decade.

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JPMorgan “has the returns and the firepower to continue investing through the cycles and that is really what allows us to continue, regardless of the economic environment, to continue growing,” Pinto told Bloomberg. “When I look at our plans, we will increase our staff this year for sure.”

Layoffs by Banks

While JP Morgan is planning to increase its headcount, other banking giants like Citigroup and Morgan Stanley are staring at impendent layoffs this year.

Citigroup Inc. said last week it will eliminate 20,000 roles to save as much as $2.5 billion as part of Chief Executive Officer Jane Fraser’s quest to boost its lagging returns. Morgan Stanley had to set aside $353 million in severance cost last year, while Goldman Sachs Group Inc. said its number of staff decreased 7% during 2023, which reflected a “headcount reduction initiative” across the firm.