In the past, a young person looking to get into banking would study finance, economics, or banking itself in a four-year and graduate university. But as banks increasingly automate transactions, research, and analytics, the banking jobs of the future are looking more and more like engineers.
At JPMorgan Chase ($JPM), the largest bank in the US in terms of assets, openings for jobs with the keyword "engineer" in their titles are up 27% since January 1.
That's a higher clip than hiring at JPMorgan overall, which has seen a 17% uptick in openings since January 1.
As of earlier this week, JPMorgan Chase lists 7,973 openings at its public-facing careers site. While New York remains JPMorgan Chase's most-in-demand location, Bangalore East is a now-close second with 510 openings.
|
City |
Title (Count) |
|---|---|
|
New York |
556 |
|
Bangalore East |
510 |
|
Columbus |
443 |
|
Mumbai |
397 |
|
Chicago |
358 |
|
Wilmington |
277 |
|
London |
271 |
|
Plano |
232 |
|
Jersey City |
223 |
|
Newark |
220 |
Of those 510 jobs, 177 include the term "Engineer" in their titles — 35% of all openings at the location.
Openings at JPMorgan Chase's Banglore East facility for engineers hits its highest level since 2018 earlier this month, with a high of 204 openings.
A move toward automation, engineering, and data science at the world's banks is a common thread. In 2018, we reported that Software Engineering was one of the most-in-demand job categories at JP Morgan. Earlier this month, we looked at a similar trend at State Street that revealed a massive rise in openings for engineers at the custody bank, just as the bank was shedding thousands of middle-management positions in order to make way for what CEO Ronald O'Hanley called the banks "technology transformation".
Meanwhile, JPMorgan Chase continues to grow at a healthy clip. The bank's employee count graph over time according to LinkedIn data shows steady growth since late 2016.