jetcityimage/iStock Editorial via Getty Images
Chase, the consumer and commercial banking division of JPMorgan Chase (NYSE:JPM), said Wednesday it intends to hire more than 500 bankers through 2024 as part of its efforts to expand relationships with small businesses.
The new hiring initiative will grow Chase Business Banking’s headcount by 20%, the company said.
“Small business owners are facing difficult challenges with persistent inflation, supply chain disruptions, and expense pressure,” said Ben Walter, CEO of Chase Business Banking. “This investment in our workforce is a testament to our commitment to our clients and our intent to support them through the business cycle.”
The new staff will help support and grow Chase’s 5M small-business clients through financial advice as well as deposit, credit and cash management products.
The hiring comes at a time when a slew of big players in the financials space trim their workforce, as rising interest rates and heightened economic uncertainty hamper dealmaking and other investment banking activities. Truist Financial (TFC) just a day ago shed 5% of its investment-banking staff, following the footsteps of Goldman Sachs, Morgan Stanley (MS) and Deutsche Bank (DB).
In November 2022, JPMorgan was said to have piloted a program to offer more loans to minority small businesses.