JPMorgan's budget tech office lost its cheap edge, now paying $280k+ salaries
In recent years, JPMorgan has relied on its Plano, Texas office to be a font of low-cost technical talent within the US. In recent years, however, the cost of that talent has been rising.
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The average salary for JPMorgan staff in Plano on the H1B Visa salary database (overwhelmingly composed of technical staff) has risen by around 8%, over $10k, since 2022. The jump between 2022 and 2023 was the most significant, but there are signs salaries could yet go higher.
This year, JPMorgan paid its highest ever salary in Plano on the H1B database. An executive director of software engineering joined in May on a salary of $287.6k. Executive director salaries fell on average from 2023 to 2024, suggesting it may be an outlier, but datapoints are too few for EDs in 2024 to draw a conclusion.
Why are JPMorgan's Plan tech salaries increasing? A senior US-based recruiter says that the COVID pandemic has increased the migration of top talent out of New York "in the same way Brexit accelerated the migration of roles outside of London." This includes some of the highly coveted applied AI research roles. A trio of VPs in applied AI joined JPMorgan's Plano office last year on $165k salaries.
JPMorgan is continuing to buff out its Plano office; it has 550 open roles available there. Recently listed roles include a level 3 engineer working on the CIB's data platform, and a lead engineer in its infrastructure platforms team.
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