JPMorgan & Goldman Sachs Cautiously Reignite Senior-Level Hiring Amid Rising Deal Flow

The recent hiring uptick at JPMorgan and Goldman Sachs reflects renewed dealflow—driven by M&A and some IPO activity—after a prolonged period of conservative staffing. However, the expansion is highly selective. In Goldman’s case, middle-market teams are being reinforced, implying opportunity in areas where deal frequency or complexity is improving, yet the firm continues to constrain overall headcount under its OneGS initiative and plans further cuts targeting VPs and operational “back-to-front” roles. [1][2]

At JPMorgan, the focus has been on recruiting senior bankers—more than 100 managing directors in global banking have been added since early 2024—often from rivals. But this senior hiring has not rippled down significantly to junior or associate levels. Even when open, junior roles are being filled cautiously, often requiring prior experience, and new roles are sometimes frozen or delayed. [1][3]

Compensation pressures at the top are likely to increase, particularly as experienced MD-level bankers are being poached cross-firm, and pay packages bid up where relationships and sector expertise are strong. Yet bonus expectations are tempered by timing: new senior hires will struggle to contribute revenue in time to impact year-end bonus pools. [1]

AI and efficiency initiatives play a central role in this cautious approach. Both firms view AI as an enabler of productivity and a justification for slowing or avoiding headcount growth in roles susceptible to automation—client onboarding, sales-enablement, administrative processes. [2][3] The combination of revenue pick-up plus structural cost discipline is resulting in a “grow smart” rather than “grow fast” mindset.

For junior bankers and those aspiring to enter, these dynamics are challenging. Expect more selective hiring, especially in markets outside New York/London, longer interview cycles, and fewer roles overall. Meanwhile, stress, overtime, and burnout likely remain serious concerns as workloads expand faster than staffing.

Open questions include: how durable is the current deal-making momentum? Will banks sustain profitability across fixed income and equity capital markets to support broader hiring? How aggressively will AI redesign roles and displace traditional staffing hierarchies? And will firms loosen hiring constraints if macroeconomic risks (rates, inflation, regulation) ease?