JPMorgan, the biggest bank in the U.S., was able to add thousands to its ranks in 2011 despite a year that saw "hostility toward our industry," according to Chief Executive Officer Jamie Dimon.
In an email to staff sent December 20, Bloomberg reported, Dimon said "2011 was a year of challenges" for both the firm and for countries around the world, but that the firm was still able to hire. JPMorgan added 16,000 employees in the U.S. in 2011, bringing the total workforce to more than 260,000. The firm had nearly 240,000 employees worldwide in the year earlier period.
"In the face of challenges, JPMorgan Chase is doing its part," Dimon wrote in the e-mail. "We have not shrunk back."
Dimon also noted that the bank is tacking on 175 branches a year in the U.S.
While the firm said last October it would shed about 1,000 bankers, analysts still believe the bank is one of the strongest and most well-capitalized in the country.
Stepping Up (WSJ)
Ted Weschler will take up his mantle this month as potential co-successor to Warren Buffett. Weschler will move to Omaha, Neb. four days a week to complete his work as portfolio manager. It's assumed he must like Blizzards from Dairy Queen.
Reversing Course (Dow Jones)
Spanish bank BBVA cut 29 bankers in its Hong Kong, Singapore and Japan offices in December. The cuts represent a change in strategy that had sought to ramp up hiring in that region, among others.
Bankers in Asia (WSJ)
Long lauded as a safe place for bankers, Asia is turning out to be more of a mixed bag. Bankers in China should be OK for the time being, but those in Japan and India should watch out.
Canadian Expectations (Winnipeg Free Press)
Canadians are getting just as nervous as their NAFTA trade partner about employment growth for 2012. A new poll found that only 17% of respondents believe hiring will improve this year, down 12 points from a year earlier survey.
The Beginnings (On Wall Street)
It's starting. Recruiters have waited for this day to come: the beginning of the 2012 broker wars. The herd is on the move.
Shutting Down (Bloomberg)
WJB Capital Group Inc., a New York-based firm with more than 100 employees, is closing down its brokerage unit due to "financial issues." The firm is looking into "other possibilities" for its non-brokerage divisions.
Bonus Expectations (GoingConcern)
Here's what you can expect in way of bonus at KPMG this season.
New Year's Resolution (AOL Jobs)
This is the year you'll learn how to balance work and life. Take day off and go to the kids' ballet recital. Go golfing with your B-school buddies. Just make sure you get your work in on time.
Buzz Around the Office
The future head of Mattel.
List of the Day: Job Search Tips for 2012
The search is half the battle.
1. Define your goals.
2. Diversify your search.
3. Evaluate your skills and add more.