JPMorgan is planning to hire for two different areas of the bank.
The firm has hired Muhammad Aurangzeb as chief executive of the global corporate banking division in Asia-Pacific. He will be based in Singapore and report to Greg Guyett, CEO of JPMorgan's global corporate bank.
JPMorgan currently has 220 corporate bankers and wants to grow that number to 300. Of the 100 bankers it added last year, half were internal and half were external hires. The bank wants talent to cover Asia, Latin America, Eastern Europe and sub-Saharan Africa. (WSJ)
JPMorgan will also expand its retail branch network. It wants to add 1,000 branches in the next three years and could add up to 2,000 within five, according to Charlie Scharf, the retail financial services head. It currently has 5,172 branches in the U.S, and plans to target California and Florida in particular.
The new employee headcount at all those branches could total 15,000 over the next five years, spokesperson Christine Holevas told FINS. The firm will be interested in hiring tellers, personal bankers, financial advisors, mortgage loan officers, small business bankers and managers. (NYT)
The firm will be cutting back in another area, however. The investment bank will whittle down its five trading platforms to just two systems by 2014. The bank has already cut down from 10 platforms to five, reducing the cost of its foreign exchange transactions from 75 cents per trade to 10 cents. The further cuts will result in the elimination of 3,000 jobs. Those jobs are filled by employees who manually process trades. They'll have the opportunity to seek relocation elsewhere within the bank, according to a JPMorgan spokesperson. (Bloomberg)
Government Agencies Hope to Hire Thousands (FINS)
If three government agencies get their way, they'll collectively add over 6,200 employees in 2012. The SEC, CFTC, and IRS submitted their budget justifications to Congress this week and all say they're in desperate need of resources.
Switching Posts (Reuters)
Deborah McWhinney, the head of Citigroup's wealth management business, is moving to a new position. She will serve as head of global digital merchant acquiring, a newly-created title, and work with clients on payment processing. No successor has been named.
Wells Fargo Exit (The Street)
Howard Atkins's decision to step down as Wells Fargo CFO may have had to do with an internal dispute regarding the company's financial disclosure. The firm said he resigned for personal reasons that weren't related to the bank's financial situation.
Losing Money? (Bloomberg)
The House Appropriations Committee's recent continuing resolution proposal would slash funding for the CFPB by 40% from President Obama's 2011 budget. The agency would only receive $80 million. Debate on the CR should wrap up by the end of the week, a spokesperson told FINS.
Retort to Wall Street (Vault)
A recently posted TED talk rails against the umpteen-hour work week. It calls for employees to reconsider working for companies that are designed to "get as much [out] of [them] as they can get away with."
Crying at Work (The Juggle)
If there's anything we believe in more than asking for a raise it's this: don't cry at work. End of story.
Sounds of Crickets (Indian Express)
Some critics don't think that Anshu Jain is a good fit for Deutsche Bank because he doesn't speak German, and now others are raising their eyebrows over his love for cricket. Maybe he should start going to Oktoberfest to prove his cultural know-how?
Win Free Stuff (Museum of American Finance)
Want to win a free one-year Museum of American Finance membership and prize package from the Museum shop? Simply nominate your favorite finance books. One winner will be chosen each month.
List of the Day: Breaches of Communication Etiquette
If you fall under one of these three categories, you should reconsider your communication style.
1. The venter.
2. The noise polluter.
3. The cryptic communicator.
(Source: AOL Jobs)
For more news you need to know throughout the day, follow FINSider on Twitter and Facebook.