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What’s going on:
JPMorgan is expanding their small-business division by onboarding 500 new bankers through 2024, increasing the total headcount by 20%. A survey conducted by the bank revealed that the majority of small-business owners are anticipating higher sales and profits this year, despite bracing themselves for potential recession.
Why it matters:
This good news stands in stark contrast to the high-profile layoffs reported at major firms, such as Goldman Sachs and Morgan Stanley.
How it’ll impact the future:
Although the promised hire of more than 500 bankers is positive, hundreds of employees in JPMorgan’s mortgage unit are being let go, according to reports from Bloomberg and Reuters which cite anonymous sources. American Banker was told by JPMorgan that there had been cuts made, though the number of employees affected was not revealed.
