• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Monday, June 23, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Tech

JPMorgan CEO Jamie Dimon Announces Headcount to Remain Steady After 8% Annual Increase

by Sneha Singh
April 16, 2023
in Tech
Reading Time: 3 mins read
0
JPMorgan
TwitterWhatsappLinkedin

JPMorgan Chase & Co., the largest bank in the US, recently announced that it would keep its headcount unchanged for the rest of the year, despite an 8% increase in staffing during the first quarter of 2023. The bank now employs almost 297,000 people, up from just over 273,000 during the same period in 2022.

You might also like

Tesla Shifts Gears: India’s First Tesla Showrooms Open in Mumbai and Delhi

Rohit Vishwakarma Joins NDTV India as Managing Editor

Why Smart Entrepreneurs Are Betting Big on Shopify Store Management Services

This increase in headcount, coupled with higher compensation and wage inflation, has contributed to an almost 5% increase in non-interest expenses. Nevertheless, JPMorgan Chief Financial Officer Jeremy Barnum has referred to the increase in headcount as “BAU” – business as usual – during a conference call with reporters on Friday, following the bank’s quarterly results.

This decision comes as Wall Street firms have been reducing headcounts and implementing hiring freezes to contain costs amid inflation, a drop in deal activity, and the possibility of a recession. For example, in December 2022, Morgan Stanley trimmed 1,600 employees, while Citigroup Inc. eliminated hundreds of jobs this year. Goldman Sachs Group Inc. also embarked on one of its biggest rounds of reductions in 2023, cutting about 3,200 positions.

The performance of the bank was boosted by its trading and banking units 

During a conference call on Friday, JPMorgan executives revealed that the bank had required its managing directors to work at the office five days a week, discontinuing the hybrid-work arrangement implemented during the pandemic. While some employees were previously allowed to work at the office three days a week, the bank observed that not all employees adhered to this arrangement. JP Morgan CEO Jamie Dimon emphasized the importance of leaders being accessible to their teams at all times, stating, “We think leaders need to be accessible to their people all the time.”

JPMorgan CEO Jamie Dimon Announces Headcount to Remain Steady After 8% Annual Increase
Credit: Financial Times

While JPMorgan’s decision to maintain its headcount may relieve employees, the increase in non-interest expenses raises concerns about its financial performance. JPMorgan’s net income for the first quarter of 2023 was $12.4 billion, up from $9.4 billion in the same period in 2022. However, the bank’s revenue fell slightly to $31.4 billion, compared with $32.3 billion a year earlier.

The bank’s performance was boosted by its trading and investment banking units, which saw higher revenue in the first quarter of 2023, but lower income from its consumer and community banking unit. This unit, which includes retail banking, saw its revenue fall by 1% to $13.7 billion, reflecting lower net interest income and a decline in consumer credit card sales.

JPMorgan decided to end the hybrid work practice for managing directors

JPMorgan’s decision to end the hybrid-work practice for managing directors may also have implications for the broader financial industry. Other banks and financial institutions have been experimenting with hybrid-work arrangements in response to the pandemic, which has forced many employees to work from home. The move by JPMorgan may signal a return to pre-pandemic work practices, which could have implications for employee satisfaction and retention.

However, JPMorgan’s decision is also a positive development for New York City, where the bank is headquartered. The return of workers to office buildings could help to revive the city’s struggling commercial real estate sector, which has been hit hard by the pandemic. The move could also benefit local businesses, such as restaurants and cafes, struggling due to the decline in foot traffic in the city’s business districts.

Concluding, JPMorgan’s decision to maintain its headcount for the rest of the year, despite rising costs, reflects a cautious approach to managing its workforce in the face of economic uncertainty. The bank’s decision to end the hybrid-work practice for managing directors may also have implications for the broader financial industry and the future of work. “We know some people weren’t following three days a week, and we want them to be there three days a week,” Dimon said. “We completely understand some people don’t want to do it. They can not do it elsewhere.”

 

Tags: #Jamie DimonAnnual IncreaseBankJPMorganNew York City
Tweet54SendShare15
Previous Post

Walmart Announces Closure of Half Its Stores in Major U.S. City Due to Massive Financial Losses

Next Post

Beware! Android Malware Sneaks into 60 Popular Google Play Apps with Over 100 Million Installs

Sneha Singh

Sneha is a skilled writer with a passion for uncovering the latest stories and breaking news. She has written for a variety of publications, covering topics ranging from politics and business to entertainment and sports.

Recommended For You

Tesla Shifts Gears: India’s First Tesla Showrooms Open in Mumbai and Delhi

by Ishaan Negi
June 23, 2025
0
Report suggests Musk cancelled India trip to secure fully self-driving car technology deal in China

After years of speculation and stalled negotiations, Tesla is finally entering the Indian market. In this article, we’ll explore how Tesla plans to make its mark in one...

Read more

Rohit Vishwakarma Joins NDTV India as Managing Editor

by Ishaan Negi
June 23, 2025
0
Rohit Vishwakarma Joins NDTV India as Managing Editor

Appointing Rohit Vishwakarma as its new Managing Editor is a calculated move by NDTV India that demonstrates its dedication to digital transformation and reliable journalism. Vishwakarma has more...

Read more

Why Smart Entrepreneurs Are Betting Big on Shopify Store Management Services

by Rohan Mathawan
June 23, 2025
0
Why Smart Entrepreneurs Are Betting Big on Shopify Store Management Services

Operating a Shopify store can be a dream come true initially — clean themes, drag-and-drop editors, and scores of apps that are supposed to deliver. However, once the...

Read more
Next Post
Google Play Apps

Beware! Android Malware Sneaks into 60 Popular Google Play Apps with Over 100 Million Installs

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?