New Delhi: JPMorgan is experiencing significant turnover in its managing director ranks, with numerous departures to Citi where former JPMorgan head Vis Raghavan now leads investment banking. In response, JPMorgan has notably expanded its senior banking team, hiring 100 new managing directors over the past year, signaling its ongoing commitment to growth and resilience in a competitive landscape.
JPMorgan Faces Talent Exodus to Citi
This year has been marked by considerable losses for JPMorgan in terms of managing directors (MDs). Notably, former head of global investment banking, Vis Raghavan, has successfully recruited several of these executives for his new role at Citi, creating a ripple effect that has drawn attention within the financial industry. While it’s unclear how JPMorgan truly views this ongoing recruitment, company insiders have indicated feelings of unease regarding the attrition of its key talent.
Recent reports from the Financial Times highlight that JPMorgan has added an impressive 100 senior bankers in the last year—an increase deemed “significantly” higher than in previous years. An inside source noted that this recruitment drive has been conducted “stealthily,” suggesting the bank’s ongoing hiring efforts are still in play.
Noteworthy Hires at JPMorgan
Amidst the backdrop of departures, JPMorgan’s latest recruits have made headlines. Notable hires include Kamal Jabre, who unexpectedly transitioned from HSBC, and Gerry Lee, arriving from Goldman Sachs as the global chair of investment banking. Among the new additions are also several ex-Citi employees, like Anthony Diamandakis, who moved to JPMorgan after Citi’s unexpected promotion of a new co-head, aggravating his decision to leave.
JPMorgan’s strategy seems to involve the acquisition of seasoned talent, as evidenced by the hiring of three additional MDs from Citi—Eduardo Miras, Theo Giatrakos, and Keith Heller. However, this pattern of recruitment is not unilateral. Citi has reportedly hired at least 10 bankers from JPMorgan since Raghavan took charge, indicating that the competitive talent war is intensifying, with Citi actively seeking more of JPMorgan’s team members.
Understanding JPMorgan’s Hiring Strategy
The influx of new MDs at JPMorgan can be interpreted in different ways. Insiders suggest that this hiring spree aims to reassure remaining employees of the firm’s attractiveness (“look at everyone who wants to work here”) while showcasing its robust ability to attract talent (“look at all our bankers”). There have been reports of internal unease as resignations from Citi mounted over the summer, leading to speculation that this aggressive recruitment was, at least in part, a response to those departures.
On the flip side, some JPMorgan stakeholders believe that the losses to Citi may not be detrimental in the long run, suggesting that the defectors were not irreplaceable assets. Indeed, it’s reported that one of Raghavan’s notable recruits was previously let go by JPMorgan, which reinforces the idea that not all departures spell disaster.
The Bigger Picture: JPMorgan’s Growth Plans
JPMorgan’s substantial recruitment did not arise out of mere reaction to departing talent but was premeditated. The bank had signaled its expansion intentions during its May 2025 investor day, announcing that it added 1,000 bankers at various levels since 2022. Within its corporate and investment bank alone, JPMorgan disclosed it had employed 900 MDs—the recent 100 new hires represent an 11% increase in that figure.
Average tenure for existing MDs in the firm is over 15 years, and the entrance of new talent is expected to foster a culture shift within the organization. JPMorgan seems prepared for this adjustment, aware that MDs who are resistant to change may have other opportunities available should they choose to leave.
Comparison of Recent Hiring Activity
| Bank | New MDs Hired (2023) | Total MD Count After Hiring | % Increase in MDs |
|---|---|---|---|
| JPMorgan | 100 | 1,000 | 11% |
| Citi | 10+ | Not Established | Not Established |
Global Trends: The Banking Landscape
Evaluating banking industry trends reveals that the challenges extend beyond JPMorgan and Citi. In cities like Tokyo, resignations aren’t straightforward, with senior managers sometimes rejecting them outright. Reports of bankers hiring “resignation agencies” to navigate these situations illustrate the complexities faced globally.
Also noteworthy are changing trends in various financial hubs. For instance, Milan is becoming increasingly popular among bankers due to attractive tax regulations, including a flat €200,000 annual tax for new residents on foreign income for up to 15 years. This shift could potentially reshape talent pools across major financial centers.
In conclusion, while JPMorgan is engaged in significant recruitment efforts amidst a turbulent talent landscape, the bank’s swift response may signal not only resilience but a strategic focus on maintaining its competitive edge. As the financial world continues to evolve, banks like JPMorgan and Citi will need to navigate these shifting tides carefully to retain and attract the best talent.
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