JPMorgan Chase & Company (JPM) -) is the largest bank in the U.S., with $3.9 trillion in assets and, as of Oct. 24, 2023, a market capitalization of $410 billion. To operate such a large financial institution and to generate billions of dollars in revenue, the New York-based company needs to employ thousands of workers — from executives in wealth management to bank tellers at its retail branches. As of the second quarter of 2023, the bank had 300,066 employees in the U.S. and over 60 other countries.
Related: Investment banking salaries: How much, and who pays the most?
How to get hired: the process
JPMorgan offers a range of positions within the bank, from internship training programs for students to entry-level, management, and executive careers, and these are broken down into two career tracks for applicants: students and graduates, and experienced professionals. The bank invites applicants to apply in either area and provides instructions for the process. However, having an inside track, by knowing someone within the company who could provide a recommendation, might facilitate a faster hiring process.
A recent college graduate can plan to spend their entire career at JPMorgan. In investment banking, for example, they can start as an analyst, and then work their way up to associate and on to director or vice president.
An experienced professional such as vice president, executive director, or managing director can make a base salary of at least $150,000. Add incentives and benefits, and the annual compensation package could exceed $1 million.
According to its 2022 annual report, about two-thirds of the bank’s employment opportunities were filled by external candidates, with the remainder filled by existing employees. Jobs at JPMorgan’s headquarters in New York City tend to pay more than in offices at different cities in the U.S. because of the high cost of living. As of Oct. 24, 2023, the bank had 5,567 positions to be filled in New York City and globally.
Types of jobs
JPMorgan breaks down employment into six separate businesses: asset and wealth management, commercial banking, consumer and community banking, corporate and investment banking, corporate functions, and technology.
Those businesses are then further divided into career areas, such as private banking, quantitative research, home lending, auto finance, risk management and compliance, and human resources.
Positions in asset and wealth management tend to pay more than those in corporate functions, though seniority and level of complexity in duties required can skew the pay higher. An executive director in cybersecurity, for example, might earn more than that for a similar executive-level position in asset management.
How much does JPMorgan Chase’s CEO make?
Jamie Dimon, who has served as chief executive since December 2005, was paid $34.5 million in 2023: a base salary of $1.5 million and a performance-based incentive of $33 million.
Dimon’s base salary is 26 times the U.S. annual median salary of $57,200, which is based on Bureau of Labor Statistics data, and almost 40 times the lowest reported salary at the bank. According to jobs site Glassdoor, which estimates pay based on user-submitted data, salaries at JPMorgan range from an average of $37,793 for a bank teller to $429,473 for a managing director.
Other JPMorgan Chase salaries
JPMorgan posted 5,567 job listings as of Oct. 24, 2023. Below is a selection of salaries for New York-based positions:
Asset & Wealth Management Strategy—Vice President
Base salary range: $155,000 to $225,000
J.P. Morgan Wealth Management—Executive Director, Market Director of Wealth—Manhattan, NY
Base salary range: $146,800 to $225,000
Asset Management—Data Science Strategy—Executive Director
Base salary range: $175,750 to $260,000
Wealth Management, Global Investment Strategy, Senior Macroeconomist, Executive Director
Base salary range: $142,500 to $300,000
Asset & Wealth Management—Training Coordinator—Analyst
Base salary range: $66,500 to $95,000
Part-Time Associate Banker, South Central Queens (30 Hours)
Base Pay Range: $25.00 to $28.99 per hour
Sponsoring H-1B visas for non-U.S. citizens
For non-U.S. citizens seeking work in the U.S., JPMorgan is among those U.S. companies that sponsor applicants for H-1B visas. On job information site h1bdata.info, hundreds of jobs — from analyst to vice president — are available for sponsorship of the visa, and the pay is in line with that of an applicant in the U.S.
Some of the New York-based job offerings and their salaries include:
Analyst, Investment Banking
Base salary range: $100,000 to $125,000
Data Engineer
Base salary: $172,000
Executive Director, Investment Banking
Base salary: $325,000
Vice President, AI Research
Base salary: $177,000
Vice President, Quantitative Research
Base salary range: $200,000 to $235,000
