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JPMorgan aims to hire 2,000 engineers by end of 2022 amid tech company layoffs

Markets reporter Alexandra Semenova outlines JPMorgan's goals to hire engineers amid hiring freezes and slowdowns issued by various tech companies.

Video transcript

SEANA SMITH: Well, as more companies talk about hiring freezes and layoffs, JP Morgan is looking to put out the Help Wanted sign, at least to those in one specific field. Yahoo Finance's Alexandra Semenova has the details for us. Alex, what can you tell us about these hiring plans?

ALEXANDRA SEMENOVA: Yeah, so layoffs are slowly hitting the big banks and Wall Street, but apparently not when it comes to the buildout of their technology projects. According to a report from Reuters today, JPMorgan and Chase is poised to hire about 2,000 engineers across its global operations, even as the prospect of a recession looms at a company gathering.

The bank's global chief information officer told Reuters that they're still in a good place, despite all these economic concerns. And even despite JPMorgan Chase's CEO, Jamie Dimon, constantly warning of storms ahead, the bank is still in a good position. That's something that he has continuously reiterated, that their balance sheet is still looking good. And they still have some room for hiring.

Reading this report, there are two interesting things that stand out to me. We're hearing about this hiring as tech companies are laying off workers, and banks have been competing for tech talent for years. So it might be a good time for some other companies like Meta, Apple, and Google are slowing down hiring and laying off workers for some of them to come over to the banks.

And then another thing that stands out is, this is not all rosy. We did hear earlier this year that JPMorgan was one of the first banks to start with layoffs in its mortgage division. So this seems to be like a divisional thing that is happening, based on how performance is by the sectors within the banks. Mortgage is obviously one that is challenged right now. Investment banking is one that we're likely to see some declines in. But technology appears to be still a bright spot for the bank.

SEANA SMITH: And 2,000 engineers, maybe the slowdown won't be as bad as we feared, as some are saying it's going to be. All right, Alexandra Semenova, thanks so much.