JPMorgan Chase (NYSE:JPM) has brought on an unprecedented number of senior bankers over the past year, part of an aggressive expansion strategy in key markets, the Financial Times reported Sunday.
The bank has hired roughly 100 managing directors since early 2024, many of them recruited from competitors such as Goldman Sachs (GS) and Citigroup (C), the newspaper reported, citing people with knowledge of the matter. The pace of hiring has far outstripped prior years, with more senior bankers added in the past 12 months than in the previous decade combined.
The campaign followed an internal restructuring last year that merged JPMorgan’s (NYSE:JPM) commercial, corporate and investment banking arms. One person familiar with the process said the bank had been “quietly hiring from across the Street” and plans to keep building its bench. JPMorgan declined to comment to the FT.
The hires strengthen the firm’s coverage in healthcare, technology and infrastructure, while also deepening its presence in Europe and Asia and targeting mid-sized corporate clients. The move comes amid a broader hiring battle across Wall Street, where boutiques such as Evercore (EVR) and Centerview have been winning a growing share of advisory business.
At the same time, JPMorgan (JPM) has faced losses of its own: at least 10 senior dealmakers have decamped for Citi (C) since former investment banking chief Vis Raghavan joined the rival firm last year.
Notable new recruits include Goldman Sachs (GS) veteran Jerry Lee, who became global chair of investment banking; Kamal Jabre from HSBC (HSBC), now vice-chair of M&A for EMEA; and Eduardo Miras, Theo Giatrakos, Keith Heller and Anthony Diamandakis, all hired from Citi (C).
JPMorgan (JPM) remains the global leader in investment banking revenue, generating $4.7 billion in fees in the first half of 2025, compared with $4.1 billion at Goldman (GS) and $2.2 billion at Citi (C). The hiring spree also comes as succession planning intensifies for longtime CEO Jamie Dimon, with co-heads Doug Petno and Troy Rohrbaugh and consumer banking chief Marianne Lake seen as frontrunners to eventually take the top job, the FT reported.