JPMorgan leans into the small-business market as the big bank announces it will be adding 500 new small-business bankers over the next two years.
- JPMorgan is increasing its small-business division by 20% by adding 500 new small-business bankers through the end of 2024.
- The Small Business Administration (SBA) has seen a record number of applications over the past two years leading JPMorgan to assess the need for more small-business bankers.
- The firm thinks that small businesses will need help to keep growing during the current economic downturn and will provide small bankers access to credit, advice, and education.
Why it’s important
While JPMorgan has faced a downturn in its mortgage unit—laying off hundreds of workers, the bank has seen the need to invest in small business banking and is looking to add 500 new bankers to the division in the next two years.
The firm is investing in small businesses as the SBA has seen a record number of applications in the last two years. JPMorgan has seen the need for small business bankers and is betting on the sector.
The firm thinks that small businesses will need help to keep growing during the current economic downturn.
A large portion of small business owners expect a recession this year, while nearly all report that inflation has impacted their expenses, but optimism remains high within small businesses, with 65% anticipating greater profits in 2023, according to JPMorgan Chase’s 2023 Business Leaders Outlook.
“Small business owners are facing difficult challenges with persistent inflation, supply-chain disruptions, and expense pressure,” says JPMorgan business banking CEO Ben Walter. “We know that banks play a critical role in the long-term success of small businesses and their communities. This investment in our workforce is a testament to our commitment to our clients and our intent to support them through the business cycle.”