JPMorgan Chase plans to grow its headcount in India by 5%-7% annually over the next few years, a senior executive told Reuters, as the Wall Street bank doubles down in one of the hottest markets globally for talent to support international operations.
The New York-based lender already employs about 55,000 people, about a fifth of its global workforce, across five Indian cities for functions ranging from technology and human resources to operations and compliance.
Many foreign companies, including JPMorgan's peers like Bank of America and Goldman Sachs, are expanding in India via global capability centres (GCCs), which are expected to more than double in market size to $110 billion by 2030, per consulting firm ANSR.
Moreover, since India accounts for roughly 50% of the global GCC market, the country has become a hotbed for talent.
"The way I would put it is that there is demand. For senior levels and for deep skills, there is competition, which is healthy," Deepak Mangla, CEO of JPMorgan's corporate centers in India and the Philippines, said in an interview on Wednesday.
While the planned 5%-7% hiring rate is less than the 8%-10% over the past few years, that is down to a base effect rather than the bank slowing down, explained Mangla.
"Our growth trajectory aligns with the overall expansion of the bank's business as we represent all lines of the bank's operations in India, including corporate functions."
JPMorgan plans to build two new offices in the Indian tech hub of Bengaluru and the country's financial capital of Mumbai as part of its expansion plans, said Mangla.
It will also refurbish its offices in Noida and Pune over the next four years as well as "consolidate our footprint" in existing office spaces in Bengaluru, Mumbai and Hyderabad, he said.
