JPMorgan and BofA headcount increased in Q4

The fourth quarter results of banks in the USA began to be announced. While layoffs were prominent in banks, an increase was observed in the number of employees of JPMorgan and Bank of America.

Despite layoffs in finance, there are no signs of that in either JPMorgan Chase & Co’s or Bank of America’s fourth-quarter results.

JPMorgan’s headcount rose 2 percent to 293,723 from 288,474 last quarter. This number corresponds to 8 percent more than 271 thousand 25 in the fourth quarter of 2021.

While the overall number of employees at Bank of America jumped to 216,823 in the last quarter, this number stands out as a significantly higher number than the 208,248 employees the bank had a year ago and the 213,270 it had in the previous quarter. .

On the other hand, the number of workers of Wells Fargo decreased to 238 thousand 698 in the last quarter, according to the results of the fourth quarter. Before the number of employees of the bank fell to this number, it had decreased to 239 thousand 209 in the previous quarter, from 249 thousand 435 a year ago.

At Bank of America, even though they added more than 3,500 people to their worker levels last year, labor costs remained basically flat at $9 billion. Labor costs remained largely flat at $8.4 billion at Wells Fargo, which laid off nearly 11,000 jobs last year.