JPMorgan Chase (JPM.N) is set to increase its headcount in India by 5 per cent-7 per cent annually over the next few years, according to a senior executive. This move underscores the Wall Street bank’s commitment to one of the most dynamic markets globally for talent to support its international operations. Currently, the New York-based lender employs about 55,000 people in India, which accounts for roughly a fifth of its global workforce. These employees are spread across five cities and work in various functions including technology, human resources, operations, and compliance.
India: A Hotbed for Global Capability Centres
Many foreign companies, including JPMorgan’s peers like Bank of America (BAC.N) and Goldman Sachs (GS.N), are expanding their presence in India through global capability centres (GCCs). According to consulting firm ANSR, the market size of GCCs is expected to more than double to $110 billion by 2030. Given that India accounts for roughly 50 per cent of the global GCC market, the country has become a prime location for talent acquisition.
“The way I would put it is that there is demand. For senior levels and for deep skills, there is competition, which is healthy,” said Deepak Mangla, CEO of JPMorgan’s corporate centers in India and the Philippines, in an interview on Wednesday.
While the planned 5 per cent-7 per cent hiring rate is less than the 8 per cent-10 per cent seen over the past few years, Mangla clarified that this is due to a base effect rather than a slowdown in hiring. “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,” he added.
Office Expansion Plans
As part of its expansion plans, JPMorgan intends to build two new offices in Bengaluru, India’s tech hub, and Mumbai, the country’s financial capital. Mangla also mentioned that the bank will refurbish its offices in Noida and Pune over the next four years. Additionally, JPMorgan aims to “consolidate our footprint” in existing office spaces in Bengaluru, Mumbai, and Hyderabad.
This strategic office expansion underscores JPMorgan’s long-term commitment to leveraging India’s rich talent pool to support its global operations. As the demand for skilled professionals continues to rise, India remains a pivotal player in the global capability centre landscape.
