JPMorgan Chase & Co.the largest lender in USA, plans to hire more than 500 bankers serving small businesses by 2024, the company announced Wednesday.
The new hires will increase the bank’s workforce that serves small businesses by 20%, which currently has more than 2,300 employees.
“Small business owners face difficult challenges due to persistent inflation, supply chain disruptions and spending pressure,” Ben Walter, executive director of corporate banking at JPMorgan, said in a statement.
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The additional staffing signals the “intention of the company to support them throughout the economic cycle”.
Most small business owners surveyed by JPMorgan expect a recession this year, but they also remain optimistic, with two-thirds expecting increased sales and 65% forecasting increased profits.
the giants of Wall Street, such as Goldman Sachs Group Inc and Morgan Stanley, have cut thousands of jobs in the face of deteriorating economic prospects, while mortgage lenders have also cut staff. The technology sector has followed suit, announcing tens of thousands of layoffs as a possible recession looms.
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Even so, major lenders are hiring in some areas. In September, Lori Beer, JPMorgan’s global chief information officer, told Reuters the company planned to hire some 2,000 engineers around the world amid fierce competition for technology talent.
More broadly, the bank’s global workforce increased 8% to 293,723 employees last year.
Source: Gestion
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