Jpm Stock up as Plans to Hire 2,000 Tech Professionals Through the End of 2022

Jpm Stock

JPM stock was up at pre-market trading at $106.22 as of 09:10 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.

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.

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.

The largest U.S. lender is reportedly looking to increase the personnel at its digital U.K. consumer bank despite losses at the startup company, according to Reuters earlier this week. 

JPM stock forecast, job cuts 

JPMorgan Chase (NYSE:JPM) is continuing to expand its U.K. digital retail bank despite losses in the fledgling business and skepticism from some JPM shareholders.

The firm intends to quadruple the number of its personnel to at least 2,000 within two years, according to Sanjiv Somani, Chase’s U.K. chief executive, who spoke to Reuters. Since its September 2017 inception, the U.K. mobile app bank has accrued 1 million users and more than GBP 10 billion ($10.8 billion) in deposits.

JPMorgan Chase & Co. (NYSE:JPM) finished at $106.16 in the most recent trading session, moving -by 1.69% from the day before. This shift was smaller than the S&P 500’s daily loss of 2.11%. The tech-heavy Nasdaq lost 0.3% while the Dow dropped 1.54% at the same time. Details about Zacks Equity Research.

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