JPMorgan Chase to Increase India Headcount in Global Capability Centres

May 31, 2024

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.

office expansion
JPMorgan Chases office expansion in India is strategically designed to support a 5-7% annual headcount growth by enhancing infrastructure, increasing workspace capacity, and investing in advanced technology. This expansion aims to bolster operational efficiency and attract top talent in the region.

Can the office expansion accommodate the projected 5-7% annual headcount growth in India?

Send a request and get a free consultation:

Get familiar with Banking Compliance

June 2025
Businesses Secure Long-Term Stability with New Lease Agreements
The EURUSD currency pair remains in a tight range above the 1.0900 support level on Monday as it struggles for direction. Investors seek fresh cues at the start of a busy data week, which may indicate how much the Federal Reserve will cut interest rates in September.
India Sees 22.5% Growth in Tax Collections, Boosted by Lease Revenues
India's net direct tax collections saw a significant boost, growing by 22.5% as of August 11, compared to 19.54% the previous month. This surge was driven by a 30% rise in Personal Income Tax revenues and a 111% increase in Securities Transaction Tax receipts, despite modest corporate tax growth.
Lawmakers Consider Alternatives as Lease Deduction Nears Expiration
Lawmakers are evaluating alternatives to the expiring 20% deduction for qualified business income introduced by the Tax Cuts and Jobs Act. One option is corporate integration, which could address existing distortions. Businesses with a lease may also be impacted by these potential changes.
Hellenic Bank Personal Loans
Hellenic Bank Personal Loans offer flexible solutions for covering personal, educational, or business expenses. With competitive rates, tailored repayment plans, and options for secured or unsecured loans, these loans provide convenient financing to meet your financial needs with ease.

Banking in the US

  • Top US banks
  • Bank account types
  • Online banking features
  • Investment services
    Thanks for the apply!
    We will get back to you within 1 business day
    You can schedule a call time at your convenience now:
    In the meantime, you can get a free consultation
    with our AI-assistant