JPMorgan's investor day highlights banker hiring success while traders struggle
It’s JPMorgan’s 2025 investor day today. The bank is in part running a victory lap – it had a great 2024 – but it is also looking to the future.
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The happiest recent times in JPMorgan’s commercial and investment bank (CIB) were for the investment bankers. The bank said today that it ranked top for wallet share in M&A, debt capital markets, and equity capital markets for the first time ever in 2024.
JPMorgan also said it hired 1,000 investment bankers since 2022. It now has around 900 MDs, with over 15 years of experience at JPMorgan on average. It plans to keep hiring across its 16 "prioritized" sub-sectors, which it didn't disclose.
JPMorgan also said that it would continue to invest in hiring across the bank, both with “targeted recruiting” and “individualized development focused on skills of the future.” It said there's a “war for top talent” that was taking place between both “traditional banking peers” and “boutiques”. The bankers that JPMorgan is interested in are the best of the best.
While bankers are thriving, though sales & trading professionals, are not. The charts below suggest JPM has lost market share in sales and trading since 2022. Although JPMorgan noted its #1 position in fixed income, currencies, and commodities (FICC) trading and #2 position in equities trading, its only reference to further investment in the field was in further elaborating its “e-Trading capabilities”, as well as the “continued electronification and growing importance of digital infrastructure.” Neither suggest the addition of many more human beings.
2025 may not be as fine as 2024. JPMorgan said today “market uncertainty” has the potential to put “downward pressure” on 2025 revenues.
Source: JPMorgan Investor Day
Source: JPMorgan Investor Day
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