JPMorgan to increase workforce in India by 5-7% over next few years: Report

JPMorgan Chase plans to grow its headcount in India by 5%-7% annually over the next few years, Reuters reported quoting a Senior Executive. This comes as the bank doubles down in one of the hottest markets globally for talent to support international operations.

JPMorgan hiring plans

JPMorgan employs about a fifth of its global workforce, across five Indian cities. Currently, the total headcount in India is about 55,000 people. In India employees are hired across functions ranging from technology and human resources to operations and compliance.

"The way I would put it is that there is demand. For senior levels and for deep skills, there is competition, which is healthy," Deepak Mangla, CEO of JPMorgan's corporate centers in India and the Philippines told Reuters.

However the 5-7% hiring rate is less than the 8%-10% that was seen over the past few years. Reuters quoted CEO of JPMorgan's corporate centers in India and the Philippines Deepak Mangla and said that the bank is planning to build two new offices in the Indian tech hub of Bengaluru and the country's financial capital of Mumbai as part of its expansion plans. It will also refurbish its offices in Noida and Pune over the next four years while consolidating the footprint in existing office spaces in Bengaluru, Mumbai and Hyderabad.

Talent hunt in India

JPMorgan's peers including Bank of America and Goldman Sachs are also expanding in India via global capability centres. As per consulting firm ASNR, the expansion is expected to more than double in market size to $110 billion by 2030.

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