Editor’s Pick


Wall Street is adding more bankers to the list despite a rapid increase in the recession.

When an analyst asked Jamie Dimon on Friday whether his bank expected to hire low-wage workers because of the economic slowdown, the CEO of JPMorgan Chase and Co ( JPM.N ) had a vague answer: “No.”

The largest US lender increased its workforce by 9% year on year in the third quarter, to 288,7%, as it added workers to its consumer, investment banking, and wealth and asset management divisions. Compensation has increased by 16%, to $10.5 billion.

Dimon is not alone. According to results released Friday, Citigroup Inc. (C.N) increased its workforce to 238,000, an increase of 8% from the previous year, while wages and benefits increased by 11%. “We continue to invest in building our teams to create long-term growth opportunities, including healthcare, technology, and energy,” said Citigroup CEO Jane Fraser. “And I’m very pleased to have high-level bankers who are interested in both our platform and our culture.” 

Empire Estate

The stake increased from 11 to 81%, 81,567, but the company’s receipts decreased by 5%. “We’re looking at the number,” Morgan Stanley CEO James Gorman told analysts on a conference call. 

The CFO of Morgan Stanley said in an interview that the company is “constantly evaluating” its resources, and when we think about the number of people, we always think about it in relation to the economic environment. 

Wells Fargo bucked the hiring trend, cutting the number 6% to 239,209. Goldman Sachs ( GS.N ), which will report third-quarter earnings next week, began cutting about 500 jobs in September. Other investment banks, including the Royal Bank of Canada ( RY.TO ), have also cut U.S. jobs. 
The killings come as the economic outlook darkens and US interest rates rise, putting heavy pressure on businesses.


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