JPMorgan’s intern class has actually grown this year
If you thought declining revenues and job cuts in 2023 would impact the numbers of juniors hired by banks, you’d be… Wrong.
A social media post from JPMorgan’s global chief information officer, Lori Beer, reveals that the bank brought in some 5,000 summer interns globally.
The number is the highest in the bank’s recent history. Last year, after a historic year for investment banking revenues (and demand for investment banking talent), the bank brought in 4,604 interns for the summer, around the same as the year before.
Although banks don’t generally reveal the size of intern classes, it’s likely that competitors will have similar class sizes. They may have overreached. A report from search firm Options Group earlier this week, big banks have “over hired junior talent”, with a “correction in headcount” to be expected in 2024.
Large summer analyst classes don’t guarantee that banks are hiring more people – there's no guarantee that this year's summer interns will actually receive return job offers.
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