JPMorgan: Your Top Choice for a Wall Street Job in 2024

January 17, 2024
1 min read


JPMorgan plans to increase its staff in 2024, focusing on areas such as retail, payments, and investment banking. The bank reported a record annual profit of nearly $50 billion in 2023 and believes it has the resources to continue growing. This expansion comes in contrast to other Wall Street banks, which have announced plans for downsizing due to a decline in dealmaking.

JPMorgan’s president, Daniel Pinto, stated in an interview that the bank intends to increase its staff this year. Pinto emphasized that JPMorgan has the returns and firepower to invest through economic cycles, allowing them to continue growing regardless of the environment. The bank currently employs about 320,000 people and plans to focus on growth areas in retail, payments, and investment banking.

The decision to expand comes on the heels of JPMorgan’s most profitable year, with a net income of nearly $50 billion in 2023, a 32% increase from the previous year. This record-breaking profit has given the bank the confidence to invest further. However, JPMorgan’s decision is unique among its competitors, as many other banks have announced plans to downsize. Citigroup, for example, recently announced layoffs of around 20,000 employees over the next three years.

The decline in dealmaking in recent years has led to belt-tightening across major Wall Street institutions. In 2023, mergers and acquisition deals fell short of $3 trillion for the first time in a decade, and major investment banks such as Goldman Sachs and Morgan Stanley have also made staff cuts. The forecast for dealmaking in 2024 remains uncertain, with investors closely watching CEO confidence, corporate cash reserves, and inflation.

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