Despite the weak economy and a huge trading blow up in London, Jamie Dimon is still growing parts of his empire.
On a conference call with analysts Friday to discuss J.P. Morgan's second quarter earnings, Dimon said the firm is "gaining market share in some of our businesses" and is growing its small business banking and commercial banking lines.
The bank added 22 branches across the country last quarter, bringing the total number to 5,563. While expansion has slowed, the retail network is still an area of investment, officials have said.
Investment banking profit was down 7% from a year earlier to $1.91 billion, but was up 14% from the first quarter. The bank added 846 people in that unit, despite general fears about investment banking personnel cuts across the industry.
The firm's total head count increased 1% from the first quarter to 262,882. Most of the growth took place in the corporate and private equity businesses, with an increase of 683 employees. Commercial banking added 250 people, while asset management added nearly 200. Departures took place in card services and treasury and security services.
The firm also said it has hired more than 4,000 military veterans since the beginning of 2011.
Russ Wasendorf Sr. was arrested Friday for falsifying bank statements and basically running a Ponzi scheme. More than 50 employees will be retained to help unwind the firm.
Gensler in Trouble (MarketWatch)
First MF Global, now PFGBest. Some Republican congressmen are calling for CFTC chief Gary Gensler's head on a platter.
Wells Fargo Hiring (Minyanville)
The large home lender is hiring bank tellers, mortgage officers and other bankers. You don't even need a financial background for some positions.
Li Cui has joined Goldman Sachs as senior China economist to be based in Hong Kong. She joins from Royal Bank of Scotland.
Mortgage Mavens (Marketwire via MarketWatch)
California-based Impac Mortgage is getting into the reverse mortgage space and will hire sales professionals and operations staff for the initiative.
Face Time is the Right Time (At Work)
You can work from home on your iPhone all you want, but when it comes to getting promotions and raises, employers want to see you in a chair. At work. Doing work. In front of them.
Buzz Around the Office
A Dog Day Afternoon (NY Daily News)
One of the wedding season's most extravagant ceremonies took place last week, when a Coton de Tuléar tied the knot with a one-time stray poodle named Chilly Pasternak. The cost of the dog wedding? A cool $250,000.
List of the Day: Job Application Tips
Whatever you do, don't apply for every single job that comes up at your company if you're looking to move.
1. You'll seem desperate and look like you lack judgment.
2. You'll annoy recruiting managers who will simply pass you over.
3. Apply for no more than two or three jobs.
(Source: MoneyWatch)
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