Bank of America Imposes Hiring Freeze Amid Recession Fears, JPMorgan Bucks Trend
Bank of America has announced a partial hiring freeze, with CEO Brian Moynihan stating they won't fill all job vacancies to manage headcount. This move comes amidst recession concerns and cost-cutting efforts, despite the bank's headcount increasing by 3,600 in the fourth quarter of 2022. Meanwhile, JPMorgan remains in growth mode, actively hiring despite economic headwinds.
Bank of America's overall headcount reached 216,823 at the end of 2022, up from 208,248 in 2021. However, the bank has initiated a hiring pause, excluding critical positions, and plans to hold off on new hires until midyear or signs of economic improvement. This approach is a departure from other major banks like BNY Mellon, Goldman Sachs, and Morgan Stanley, which have announced workforce cuts.
In contrast, Citi is actively hiring and replacing employees where it makes sense, given the current economic environment. JPMorgan, too, is still hiring and in growth mode, bucking the trend of cost-cutting measures seen in the industry.
Bank of America's hiring freeze is a strategic move to manage headcount and costs during uncertain economic times. Despite this, the bank has avoided widespread job cuts, unlike some of its competitors. Meanwhile, Citi and JPMorgan continue to hire, demonstrating differing approaches to navigating the current economic landscape.
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