JP Morgan (JPM) is on the hiring path again as it aims to become a retail powerhouse. The company has just announced it will be hiring 1200 new loan officers by the end of 2010, showing that the co. and Wall Street for that matter, are once again taking risks and expanding.
According to MarketWatch, the 60% sales force increase is intended to help Morgan’s customers buy and refinance homes, the bank said. The new positions will be spread across bank branches in 23 states including California, Florida and Texas, and in large metro areas like New York and Chicago.
These new hires seems to be part of the cycle on Wall Street of firing too many in downturns and hiring back when the market gets stronger.
Yesterday Chase lifted a salary freeze after a year-end performance and compensation review process, instituted at the height of the financial crisis, in a sign of confidence that the economy was stabilising.