JP Morgan

Photo: Bloomberg (Representative)

JPMorgan Chase plans to grow its headcount in India by 5-7 percent annually over the next few years, a senior executive told Reuters, as the Wall Street bank looks to double its workforce in one of the world’s most lucrative markets seeking talent to support international operations.

The New York-based lender already employs about 55,000 people across five Indian cities across functions ranging from technology and human resources to operations and compliance, accounting for nearly a fifth of its global workforce.

Many foreign companies, including JPMorgan’s peers such as Bank of America and Goldman Sachs, are expanding in India through global capability centers (GCCs), with the market size expected to more than double to $110 billion by 2030, according to consultancy firm ANSR.

Moreover, as India accounts for nearly 50 per cent of the global GCC market, the country has become a talent hub.

“I would put it this way, the demand is there. There is competition for senior levels and deeper skills, which is healthy,” Deepak Mangala, chief executive of JPMorgan’s corporate centres in India and the Philippines, said in an interview on Wednesday.

Mangala said though the planned hiring rate of 5%-7% is lower than the 8%-10% rate of the past few years, it is due to the base effect rather than a bank slowdown.

“Our growth trajectory is aligned with the overall expansion of the bank’s business as we represent all operations of the bank in India, including corporate functions.” Mangala said JP Morgan is planning to set up two new offices in the Indian technology hub Bengaluru and the country’s financial capital Mumbai as part of its expansion plans.

He said the company will renovate its offices in Noida and Pune over the next four years, while also strengthening its presence in existing offices in Bengaluru, Mumbai and Hyderabad.

(Only the headline and picture of this report may have been reworked by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

first published: May 30, 2024 | 2:21 pm First

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