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JPMorgan, BofA show gains in headcount as Wells Fargo’s drops

JPMorgan's headcount rose 8% YoY in Q4

Bloomberg NewsbyBloomberg News
January 13, 2023
in All Posts
Reading Time: 1 min read
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Despite the layoffs across the finance industry, there were no signs of a staffing pullback in JPMorgan Chase & Co’s or Bank of America Corp.’s fourth-quarter results.

JPMorgan’s headcount rose 2% to 293,723 from 288,474 last quarter, the company said in its earnings release Friday. This is up 8% from 271,025 a year earlier.

Overall headcount at Bank of America jumped to 216,823 in the quarter, topping the year-earlier figure of 208,248 and the 213,270 from the prior quarter.

Wells Fargo & Co’s headcount dropped to 238,698 in its last quarter, according to its fourth-quarter results. That’s a drop from 249,435 a year earlier and even slightly smaller than the prior quarter’s 239,209.

Bank of America added more than 3,500 to staffing levels in the last year. Personnel costs were still roughly unchanged at $9 billion. At Wells Fargo, which shed almost 11,000 jobs in the last year, personnel costs also were about the same, at $8.4 billion.

For more news on employment and compensation trends in the financial industry, Terminal users can subscribe to the Financial Jobs and Pay alert by running {NSUB Finance and Pay <GO>}.

Follow the JPMorgan blog here and the Bank of America and Wells Fargo blog here on the Terminal.

–By Jenny Surane and Max Abelson (Bloomberg)

Tags: bank earningsBank of AmericaBloombergJPMorgan ChasePremiumWells Fargo
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