JPMorgan Is Hiring 190 Bankers, Support Staff to Combat Burnout
JPMorgan Is Hiring 190 Bankers, Support Staff to Combat Burnout
(Bloomberg) -- JPMorgan Chase & Co. is adding almost 190 workers to its investment-banking ranks as Wall Street firms seek to ease the burden for junior bankers inundated with work during the pandemic.
The largest U.S. bank has hired 65 analysts and 22 associates globally, and is planning to hire 100 more bankers and support staff, according to a person familiar with the matter. The effort was announced internally in a town hall Tuesday with Jim Casey and Vis Raghavan, JPMorgan’s global co-heads of investment banking.
Wall Street was set abuzz last month by an internal presentation from junior bankers at Goldman Sachs Group Inc. revealing their intense workloads, prompting firms to double down on efforts to lighten the load. Credit Suisse Group AG and Wells Fargo & Co. are among firms offering one-time bonuses, and Jefferies Financial Group Inc. said it’s awarding Peloton Interactive Inc. and Apple Inc. products to junior bankers.
JPMorgan won’t join peers in rewarding bankers with special payments, the person said. Instead, in addition to hiring more employees, the bank will take measures including encouraging people to leave the office by 7 p.m. on weekdays, enforcing a minimum of three weeks of vacation a year, and conducting quarterly reviews on how junior bankers are spending their time.
The New York Times DealBook reported earlier on the hires and new measures.
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