JPMorgan fired 500 people in 2025; then it hired 600 more
JPMorgan’s second quarter 2025 are out today. People there can feel happy, but one group is probably happiest of all: the new faces.
Get Morning Coffee ☕ in your inbox. Sign up here.
JPMorgan’s commercial and investment bank (CIB) added around 600 people in Q2. This was after it cut around 500 people in Q1.
Some of JPMorgan’s new hires have come from Citi. JPMorgan picked up Anthony Diamandakis and Theodoros Giatrakos in London from Citi, in July and June respectively this year, to its financial sponsors team. It also picked up Keith Heller for that in New York back in March. Others have been brought in in Copenhagen - such as Casper Elnegaard - and Charles Hop de Chillaz and Francisco Abularach in London, also courtesy of Citi.
At JPMorgan's investor day earlier this year, the bank said it was planning "targeted hiring," particularly across 16 unspecified subsectors of the investment banking market. It's also adding middle market bankers. "We love the middle market business," CEO Jamie Dimon said on the firm's investor call earlier today. "We're going to grow that business, regardless of where we think the market will be in the next six to nine months." Recent midmarket hires include Carl Torrillo, who joined from Moelis & Co, in April 2025.
Is JPMorgan upgrading? Maybe so, although it's not clear that it's hiring in the areas that it previously cut. JPMorgan said in Q1 that its cuts in 2025 would be "regular management of the business" which would only impact "a very small number of employees." Cuts were said to include people in the Houston office, which employs technologists and private bankers.
Away from hiring. JPMorgan had a strong Q2, and a strong first half of the year. Sales and trading revenue did particularly well in the second quarter, with fixed income, currencies and commodities (FICC) trading revenue up 14%, and equities revenue up 15%, compared to the same period in 2024.
JPMorgan credited the strong FICC results to its currencies, rates, commodities, and emerging markets teams and its strong equities results to its across “products, notably in derivatives”. Seemingly, the only non-performant teams were in fixed income financing and its securitized products group.
Investment banking revenues did not do as well. First half revenues for M&A and debt capital markets were up just 11% and 14% respectively, while equity capital markets revenue was down by 7% compared to H1 of 2024. Figures from market intelligence provider Dealogic showed that, while JPMorgan kept its global first place in both DCM and ECM, it lost its primacy in M&A revenue to Goldman Sachs. Whoever JPMorgan hired in Q2, it wasn't enough.
Citi, in turn, has taken a lot of JPMorgan’s people. A big part of that is Citi’s appointment of Vis Raghavan to lead its investment bank – Raghavan was previously head of investment banking at JPMorgan, too. He’s brought in Achintya Mangla, Amit Nayyar, Sid Punshi, and Ahu Khullar from JPMorgan, some of whom joined last year.
Net revenue in JPMorgan's CIB climbed up by 10% in the first half of the year to $39bn. Net income was only up by 9%, however, mostly due to a rise in non-compensation expense.
Have a confidential story, tip, or comment you’d like to share? Contact: +44 7537 182250 (SMS, WhatsApp or voicemail). Telegram: @SarahButcher. Click here to fill in our anonymous form, or email editortips@efinancialcareers.com. Signal also available.
Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libelous (in which case it won’t.)
