The stock price of JPMorgan Chase & Co. (JPM) has risen by over 1.85% today till the late morning trading session. The stock closed at $108.00 on Wednesday.
The New York based is a multinational banking and financial services holding company. It is the largest bank in the United States, the world’s sixth largest bank by total assets, with total assets of US$2.5 trillion, and the world’s most valuable bank by market capitalization. It is a major provider of financial services and according to Forbes magazine is the world’s sixth largest public company based upon a composite ranking. The hedge fund unit of JPMorgan Chase is the second largest hedge fund in the United States. The company was formed in 2000, when Chase Manhattan Corporation merged with J.P. Morgan & Co.
JPMorgan Chase & Co. is hiring more engineering, neuroscience and psychology graduates across Asia-Pacific, diversifying away from students with finance backgrounds as it seeks to adapt its workforce to the region’s fast-changing economies.
Of the roughly 1,000 graduates who will start in JPMorgan’s class of 2018 this June, 39 percent have degrees in subjects other than business or finance, the highest proportion in data going back three years. Instead, this group comprises scientists and mathematicians, and students of international relations and psychology. The data excludes India, where technology hires typically dominate.
As finance and technology converge and politics and regulations play an ever-increasing role in banking, the need for people schooled in disciplines ranging from computing to political science is growing, said John Hall, who co-heads the New York-based bank’s Asia-Pacific investment banking unit.
“It’s easy to hire finance people because culturally they fit right in, they’ve been trained,” Hall said in an interview in Hong Kong last week. “But it’s a short-sighted view if you only hire finance people, at some point; you’re lacking some of the diversity that makes for better problem solving.”
About 40 percent of JPMorgan’s class of 2018 will focus on client coverage across 12 Asia-Pacific markets, while the rest will support corporate functions, many of which are technology-related. Fintech financing in Asia eclipsed North America for the first time in 2016, more than doubling to $11.2 billion from $5.2 billion in 2015, according to data from consultancy firm Accenture.
“The velocity of change is much higher in Asia, particularly in China, than the rest of the world,” Hall said. “So having a broader mix of people increases your ability to adapt and stay either ahead of or with your clients.”
The demand for non-finance hires is clear. Science and technology students account for about 20 percent of recent recruits at Morgan Stanley and humanities make up another 5 percent. Siam Commercial Bank Pcl, Thailand’s oldest homegrown lender, is wooing technology experts from companies abroad to work on projects like robo-advisers, and bankers and billionaires are setting up liberal arts universities in India to meet rising industry demand.
Our analysts have given a “HOLD” rating to JPMorgan Chase & Co.’s stock. Due to the weekly fluctuation, buying it at this moment might be risky.