JPMorgan Plans Steady Growth In India With 5-7% Annual Headcount Increase
Currently, the New York-based financial institution employs approximately 55,000 people in India, about 20% of its global workforce
JPMorgan Chase is set to increase its workforce in India by 5 to 7 per cent annually over the next few years, according to a senior executive who spoke to Reuters. This growth strategy underscores the Wall Street bank's commitment to one of the most dynamic global markets for talent, which supports its international operations.
Currently, the New York-based financial institution employs approximately 55,000 people in India, constituting about 20 per cent of its global workforce. These employees are distributed across five Indian cities, handling a range of functions from technology and human resources to operations and compliance.
Many foreign companies, including JPMorgan's peers such as Bank of America and Goldman Sachs, are expanding their presence in India through global capability centres (GCCs). According to consulting firm ANSR, the market size of GCCs is expected to more than double to $110 billion by 2030, with India accounting for roughly 50 per cent of the global GCC market, making the country a major talent hub.
Deepak Mangla, CEO of JPMorgan's corporate centers in India and the Philippines, highlighted the competitive landscape for senior-level and highly skilled positions, describing the demand as "healthy." Despite the planned hiring rate of 5% to 7% being lower than the 8% to 10% rate observed in recent years, Mangla attributed this to a base effect rather than a deceleration in the bank's expansion efforts.
Mangla emphasised that JPMorgan's growth in India is in line with the overall expansion of the bank's operations, which encompass all lines of business in the country, including corporate functions. As part of its expansion strategy, JPMorgan plans to construct two new offices in Bengaluru and Mumbai, the Indian tech hub and financial capital, respectively. Additionally, the bank will refurbish its offices in Noida and Pune over the next four years and consolidate its presence in existing office spaces in Bengaluru, Mumbai, and Hyderabad.
This strategic growth plan reflects JPMorgan's ongoing commitment to leveraging India's rich talent pool to support its global operations and drive future growth.
