JPM stock was trading on Friday at $107.50 as of 11:16 AM EDT.

According to Lori Beer, the bank’s global chief information officer, JPMorgan Chase (NYSE:JPM) is still intending to hire 2,000 engineers globally by year’s end despite the economy’s slowing.

In spite of several technology giants and fintech cutting down on investment, the company hired more than 5,000 software developers and data scientists in the past year and intended to increase that number. Approximately 20% of JPMorgan’s (NYSE:JPM) 278,000 employees are in the technology industry, according to Reuters. The new hires will work in a variety of fields, including data science, cloud computing, cybersecurity, and general software engineering.

JPM Stock Up; Looks To Increase The Number Of Employees At A U.K. Retail Bank

Beer told Reuters, “We’re definitely still hiring.” As “a safe place through the difficult economic times,” the bank’s scale and emphasis on technology could help it draw talent. “When you’re going into a tough economic moment, and things are highly volatile, it does play into our favor,” she added.

JPM stock, earnings outlook

During the bank’s Q4 results call in January, the CEO and CFO discussed the company’s intention to invest in technology. “There are a lot of rivalries—fintech competition, PayPal competition, direct competition—and we want to prevail. And occasionally you spend a few dollars, “CEO Jamie Dimon stated in January.

Earlier this week, Reuters reported that despite losses at the startup company, the largest U.S. lender is looking to increase the workforce at its digital U.K. consumer bank. Investors criticized Dimon in March for not going into enough detail about its ambitions for technological spending. 

Large shareholders are also worried about the bank’s plans to spend $30 billion more on new projects in 2022, with the majority of that money going toward technology, according to analysts and others familiar with the situation.

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