JP Morgan looking to poach Big Four accountants after relaunching recruitment scheme

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NEW YORK, NY - OCTOBER 02: People pass a sign for JPMorgan Chase & Co. at it's headquarters in Manhattan on October 2, 2012 in New York City. New York Attorney General Eric Schneiderman has filed a civil lawsuit against JPMorgan Chase alleging widespread fraud in the way that mortgages were packaged and sold to investors in the days that lead-up to the financial crisis. The allegations, which were filed in New York State Supreme Court, concern business that transpired during 2006 and 2007 at a now-defunct Bear Stearns, the failed Wall Street firm which was purchased in 2008 by JPMorgan Chase. (Photo by Spencer Platt/Getty Images)

JP Morgan has relaunched a scheme to poach newly qualified accountants from Big Four firms, in a sign that demand for junior bankers will remain high throughout 2022.

The investment bank last week reoponed its recruitment scheme through which newly qualified accountants working in Big Four accountancy firm can become analysts within JP Morgan’s investment banking and capital markets teams.

JP Morgan’s decision to relaunch its scheme in 2022 comes after the firm upped its starting salaries for entry-level analysts to $100,000 (£73,000) per annum in the summer of last year, amid an industry-wide competition to recruit early-career bankers.

Last summer also saw reports of junior bankers quitting their jobs in their droves, due to long hours, burnout, and frenzied recruitment from rival firms.

Over the past year, the Big Four have also been forced to increase pay and bonuses across the board, in order to prevent their staff from being poached by investment banks.  

Top talent

In an advert posted online, JP Morgan said it is looking for newly qualified chartered accountants from any of the Big Four, but noted that it is particularly interested in those with some transactional experience.

The advert states that candidates must have “impeccable communication skills” and a background in a “top tier educational institution.”

JP Morgan’s advert comes amid reports that the Big Four are losing their best talent to major investment banks, who are able to offer much higher salaries, despite requiring much longer working hours.

JP Morgan has been approached for comment.