JPMorgan Chase (NYSE:JPM) has announced plans to hire 1,000 new business bankers in local markets across the United States by 2025. This move doubles the firm’s original goal of hiring 500 bankers by 2024. The bank aims to support small business owners as they continue to grow and scale their businesses in their communities.
This initiative comes as JPMorgan seeks to expand small business relationships and help small business owners navigate challenges such as inflation and concerns of a recession. According to Chase’s 2023 Mid-Year Business Leaders Outlook, small business optimism is high, with more than two-thirds of small businesses expecting an increase in revenues and sales in the year ahead.
According to Ben Walter, the CEO of Chase for Business, Small business owners consistently display remarkable optimism about the future, and we are dedicated to aligning our confidence with theirs by introducing innovative approaches to assist them. Over the past five years, we’ve successfully integrated almost 700 small business bankers into our team, effectively doubling our support for small enterprises. Our recent commitment to expand our workforce is poised to further bolster the significant strides we’ve already made.
JPMorgan’s commitment to hiring additional business bankers represents part of its broader efforts to support the small business community. The bank has been working to connect small business owners and entrepreneurs to a range of capital options, expert connections, consulting services, and customer networks. It has been investing in expanding access to business credit for all customers, including businesses in historically underserved areas, and offering programming and coaching at every stage of business growth.
JPMorgan has also launched and expanded special purpose credit programs to increase access to small business credit in majority Black, Hispanic, and Latino communities. The bank has committed philanthropic capital to support community-focused organizations dedicated to serving small businesses and has provided mentorship and advice to help businesses overcome obstacles.
Additionally, JPMorgan is focused on promoting access for Chase’s 6 million small business clients to new customers and networks to help them thrive and generate sustained growth.
As of this year, JPMorgan’s shares have rallied 6.6% despite a decline of 6.9% in the industry.
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