In India, ICICI Bank in India is strengthening its investment banking ranks. Meanwhile, JPMorgan Chase & Co. is planning to expand its investment banking division by about 190. The American bank has already hired 65 analysts and 22 associates across its offices, globally, as per . It plans to add about a 100 more investment bankers and support staff, so that the work pressure and load on junior bankers is reduced.
While most other banks have chosen to offer rewards to their junior bankers for handling increased work pressure, JP Morgan has chosen to hire more employees to distribute the workload, as per a news story by Bloomberg.
It has also been encouraging staff to leave the office by 7 in the evening during work days and week days and take a mandatory week-long annual vacation. It also intends to hold quarterly reviews to find out how junior bankers are spending and managing their time.
Meanwhile, JP Morgan Wealth Management, the US wealth management business of JPMorgan Chase & Co. recently revealed its intention to not only serve more Black and Latinx clients, but also hire more people from diverse communities as advisors in its team over the next five years.
This announcement was part of JP Morgan Wealth Management’s $30 billion commitment to ensure racial equality, through strategic partnerships with Historically Black Colleges and Universities (HBCUs), and programmes to promote internal mobility, and special attention to creating opportunities for diverse employees to advance their careers over time. The firm has set itself a target of hiring 300 more Black and Latinx advisors by 2025.