JPMorgan Chase will increase its headcount in India by five to seven percent annually over the next few years, according to a senior executive.
This expansion comes as the Wall Street bank strengthens its presence in one of the most attractive markets for talent to support its international operations.
The New York-based lender employs around 55,000 people across five Indian cities, representing about a fifth of its global workforce.
These employees are involved in various functions, including technology, human resources, operations, and compliance.
Expansion in India is a common trend among foreign companies, including JPMorgan’s peers, Bank of America and Goldman Sachs.
These companies use global capability centres (GCCs), which, according to consulting firm ANSR, would more than double in market size to $110 billion by 2030.
JPMorgan will build two new offices in Bengaluru and Mumbai
India, which accounts for roughly 50 percent of the global GCC market, has become a significant hub for talent.
Deepak Mangla, CEO of JPMorgan’s corporate centres in India and the Philippines, said: “There is demand for senior levels and deep skills, and competition is healthy.”
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While the planned hiring rate is slightly lower than the eight to 10 percent seen in previous years, Mangla attributed this to a base effect rather than a slowdown in hiring.
He added: “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.”
As part of its expansion plans, JPMorgan will build two new offices in the Indian tech hub of Bengaluru and the financial capital of Mumbai.
Mangla said the bank will refurbish its offices in Noida and Pune over the next four years and “consolidate our footprint” in existing office spaces in Bengaluru, Mumbai, and Hyderabad.
