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JPMorgan (JPM) Intends to Hire 1,000 Business Bankers by 2025
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As JPMorgan Chase (JPM - Free Report) hosts its inaugural “Make Your Move Summit,” the firm announced its intention to hire 1,000 new business bankers in local markets across the United States by 2025. The move comes as JPM seeks to support small business owners as they continue to grow and scale their businesses in their communities.
With this commitment, the Wall Street giant doubled its original goal of hiring 500 bankers through 2024.
This February, JPM had announced that it intended to hire more than 500 small business bankers over the next two years as part of its efforts to expand small business relationships, while helping small business owners navigate inflation and concerns of a recession.
According to Chase’s 2023 Mid-Year Business Leaders Outlook, small business optimism is high as more than two-thirds of small businesses expect an increase in revenues and sales in the year ahead.
Ben Walter, the CEO of Chase for Business, said, “Small business owners continue to demonstrate tremendous confidence in the future and we want to match that confidence by investing in new ways to serve them. Over the past five years we have added nearly 700 small business bankers and nearly doubled the number of small businesses we support. Our new expanded hiring commitment is accelerating the great progress already made.”
The hiring represents various investments made by JPMorgan to support the small business community.
JPM has been connecting owners and entrepreneurs to a range of capital options, expert connections, and consulting and customer networks.
In terms of capital, JPM has been investing in expanding access to business credit for all customers, including businesses in historically underserved areas, and through products, programming and coaching at every stage of growth.
Also, since 2022, the bank has launched and expanded special purpose credit programs to help expand access to small business credit in majority Black, Hispanic and Latino communities. Since 2021, JPM has committed $253.7 million in philanthropic capital, including grants, loans, and equity, to community-focused organizations dedicated to serving small businesses, as well as $4.4 million in philanthropic capital to benefit the Texas small business community.
JPM has also been providing mentorship and advice. The bank focuses on making connections to expertise and guidance that can help businesses overcome obstacles. It has expanded its free one-on-one coaching program to 51 trained senior business consultants in 21 U.S. cities to provide mentoring and advice to business owners in Hispanic, Latino and Black communities on how to boost creditworthiness, manage cash flow and conduct marketing effectively.
Lastly, JPM has been focused on promoting access for Chase’s 6 million small business clients to new customers and networks, which will help them thrive and generate sustained growth.
So far this year, shares of JPMorgan have rallied 6.6% against the industry’s decline of 6.9%.
A couple of other top-ranked stocks in the finance space are Wells Fargo & Company (WFC - Free Report) and Artisan Partners Asset Management Inc. (APAM - Free Report) .
Over the past 60 days, the Zacks Consensus Estimate for WFC’s current-year earnings has been revised 6.4% upward. So far this year, shares of WFC have gained 1%. Currently, WFC carries a Zacks Rank #2 (Buy).
APAM also carries a Zacks Rank of 2. Over the past 60 days, its earnings estimates for the current year have been revised 21.2% lower. APAM’s shares have gained 22.2% year to date.
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JPMorgan (JPM) Intends to Hire 1,000 Business Bankers by 2025
As JPMorgan Chase (JPM - Free Report) hosts its inaugural “Make Your Move Summit,” the firm announced its intention to hire 1,000 new business bankers in local markets across the United States by 2025. The move comes as JPM seeks to support small business owners as they continue to grow and scale their businesses in their communities.
With this commitment, the Wall Street giant doubled its original goal of hiring 500 bankers through 2024.
This February, JPM had announced that it intended to hire more than 500 small business bankers over the next two years as part of its efforts to expand small business relationships, while helping small business owners navigate inflation and concerns of a recession.
According to Chase’s 2023 Mid-Year Business Leaders Outlook, small business optimism is high as more than two-thirds of small businesses expect an increase in revenues and sales in the year ahead.
Ben Walter, the CEO of Chase for Business, said, “Small business owners continue to demonstrate tremendous confidence in the future and we want to match that confidence by investing in new ways to serve them. Over the past five years we have added nearly 700 small business bankers and nearly doubled the number of small businesses we support. Our new expanded hiring commitment is accelerating the great progress already made.”
The hiring represents various investments made by JPMorgan to support the small business community.
JPM has been connecting owners and entrepreneurs to a range of capital options, expert connections, and consulting and customer networks.
In terms of capital, JPM has been investing in expanding access to business credit for all customers, including businesses in historically underserved areas, and through products, programming and coaching at every stage of growth.
Also, since 2022, the bank has launched and expanded special purpose credit programs to help expand access to small business credit in majority Black, Hispanic and Latino communities. Since 2021, JPM has committed $253.7 million in philanthropic capital, including grants, loans, and equity, to community-focused organizations dedicated to serving small businesses, as well as $4.4 million in philanthropic capital to benefit the Texas small business community.
JPM has also been providing mentorship and advice. The bank focuses on making connections to expertise and guidance that can help businesses overcome obstacles. It has expanded its free one-on-one coaching program to 51 trained senior business consultants in 21 U.S. cities to provide mentoring and advice to business owners in Hispanic, Latino and Black communities on how to boost creditworthiness, manage cash flow and conduct marketing effectively.
Lastly, JPM has been focused on promoting access for Chase’s 6 million small business clients to new customers and networks, which will help them thrive and generate sustained growth.
So far this year, shares of JPMorgan have rallied 6.6% against the industry’s decline of 6.9%.
Image Source: Zacks Investment Research
At present, JPM sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
A couple of other top-ranked stocks in the finance space are Wells Fargo & Company (WFC - Free Report) and Artisan Partners Asset Management Inc. (APAM - Free Report) .
Over the past 60 days, the Zacks Consensus Estimate for WFC’s current-year earnings has been revised 6.4% upward. So far this year, shares of WFC have gained 1%. Currently, WFC carries a Zacks Rank #2 (Buy).
APAM also carries a Zacks Rank of 2. Over the past 60 days, its earnings estimates for the current year have been revised 21.2% lower. APAM’s shares have gained 22.2% year to date.