• JPMorgan Chase and Goldman Sachs had blockbuster performance numbers for the end of 2024.
• JPMorgan's profit rose 50%; Goldman's profit jumped 105%, led by higher investment-banking fees.
• Here's what it could mean for hiring across Wall Street in 2025.

Big banks posted blowout fourth-quarter earnings on Wednesday, led by a growing appetite for corporate financing, institutional trading, and dealmaking —  trends that could boost hiring in 2025.

JPMorgan Chase kicked off Wall Street's earnings season by reporting a 50% increase in profits, led by a 49% increase in investment-banking revenue over last year's fourth quarter, and double-digit growth in trading revenue. Goldman Sachs, meanwhile, said profit for the three months that ended on December 31 rose 105%, driven by demand for corporate dealmaking and capital raising. And Citigroup showed a 35% increase in investment-banking revenue for the fourth quarter from a year ago.

The robust results follow several years of sagging demand for Wall Street's bread-and-butter businesses, layoffs, lower bonuses, and an overall muted environment for job hopping.

Now, the strong 2024 performances, particularly in trading, mean that annual bonuses could be as much as 35% higher from a year ago. Banks have started to share the bonus numbers with employees, as Business Insider reported last week.

More broadly, Wall Street headhunters say that hiring has been picking up in select areas in recent months, including junior-banking roles and back-office tech jobs. They expect the shift to continue in 2025.

"The 45% surge in Goldman's profits and CEO David Solomon's bullish outlook on M&A signals a notable shift in the hiring market," said Meridith Dennes, managing partner at Prospect Rock Partners recruiting firm. "Banks that aggressively downsized during the 2022 to 2023 slowdown are now selectively rebuilding their deal teams."

Of course, working on Wall Street could also get harder in 2025. The industry's notoriously long hours could intensify as demand for dealmaking and capital raising continues. At the same time, work-from-home options are shrinking, with JPMorgan last week telling employees on a hybrid schedule to return to the office five days a week starting in March.

Here are 4 trends in financial-industry hiring that could spur Wall Street job growth in 2025:

Dealmakers

Following several years of muted dealmaking, demand for mergers and acquisitions has been picking up in recent months, driven by lower borrowing costs as interest rates decline. The M&A streak is expected to continue in 2025, aided by a more business-friendly regulatory regime under President-elect Donald Trump.

The uptick is already having an effect on hiring. As BI recently reported, John Weinberg, the chairman and CEO of the elite boutique investment bank Evercore, said in December that he's been spending an unusual amount of time on year-end hiring.

"Most of the time, you don't really do much recruiting in November or December," he said at a Goldman Sachs conference in New York. "If you could see my schedule, you'd see that virtually every day I am speaking with and recruiting" new talent, he said.

As for the jobs outlook, he said: "You could probably anticipate that our recruiting efforts will increase, not decrease."

Recruiters in December told BI that they have seen surging demand for M&A bankers in industries viewed as hot for deals, including tech, healthcare, restructuring, industrials, consumer retail, and financial institutions — a trend they expect to continue this year.

Junior bankers

Demand for junior investment-banking talent has also been picking up. Dennes, the headhunter, said that she is seeing especially strong demand for what she referred to as "the seasoned associate," but also at the vice-president level, who tend to sit in the middle of the investment-banking pecking order.

As BI reported in October, JPMorgan Chase ramped up off-cycle hiring for junior investment bankers late last year, according to people familiar with the bank's recruitment efforts and to its online jobs board. At the time of the report, a JPMorgan executive told BI that the bank was hiring across all levels of investment banking amid a bump in deal flow.

Whether the JPMorgan hiring boost will continue in 2025, however, remains to be seen. On Wednesday, the bank's chief financial officer, Jeremy Barnum, told investors that JPMorgan intends to keep headcount flat this year, following a 2% rise in staffing in 2024. That included a 3% rise in its asset- and wealth-management unit, according to company filings.

Goldman Sachs' careers portal, meanwhile, displays 15 open job listings for junior bankers in New York, London, and San Francisco, namely at the analyst and associate levels. In January, one open role called for an associate to cover deals for financial institutions and asset-management clients, while another sought an IB associate to focus on the entertainment sector. A third associate position was focused on executing general mergers and acquisitions.

IT jobs

Headhunters have said that an array of financial-services firms, from banks to hedge funds, are expected to boost tech hiring as they explore and build new artificial intelligence capabilities.

In July, JPMorgan's CEO, Jamie Dimon, said he expects to add thousands of AI-related jobs in the next few years. Hedge funds and proprietary-trading firms have also been getting into the act, shelling out big bucks, as much as $350,000 in annual salaries, to snag coveted AI researchers and engineers.

Some private-equity firms, meanwhile, have been paying up to $2 million, including base salary and bonus, for so-called AI operating executives, recruiters told BI last year.

See BI's top tips for landing a Wall Street tech job in 2025.

Private credit and financing

So-called private credit has been on a roll in recent years as more asset managers, like Apollo and Blackstone, pick up lending that banks increasingly deem too risky for their balance sheets.

Plus, there are signs that demand for nonbank loans will only intensify in 2025, as demand for corporate capital raising increases, including for M&A.

On Monday, Goldman Sachs announced a new structure to capitalize on growing demand for financing. Its new Capital Solutions Group is geared to provide alternative sources of lending to corporate clients as well as financial sponsors.

Earlier this month, Bloomberg reported that hedge fund Point72 hired Todd Hirsch, a former Blackstone senior managing director, to build out its new private-credit business.

Goldman on Wednesday reported record results in fixed-income and equities financing, which includes capital raising on behalf of clients. Goldman's CEO referred to financing a "large strategic opportunity" for the bank, thanks to what he described as "important structural trends currently taking place in finance" including the emergence of private credit.

See BI's top do's and don'ts for landing a job in the burgeoning private-credit industry.

• Each year, Business Insider highlights Wall Street's rising stars.
• These are up-and-comers in investment banking, trading, and investing.
• All are 35 or younger. Check out our lists over the years.

For the past eight years, Business Insider's finance reporters have tapped their contacts to put together a list of who to watch on Wall Street.

We've received recommendations from bosses, colleagues, recruiters, and financial industry experts to create our annual feature. To be eligible, nominees must be based in the US, 35 or younger, and stand out among their peers. The editors make the final decisions.

Business Insider asked these rising stars from leading firms like Goldman, Blackstone, and Citadel to reflect on their successes, challenges, and best career advice.

2024

Meet our 2024 class

Our most recent set of young professionals reflect the future of finance. A number of them are shaping the trajectory of clean energy and artificial intelligence by financing the infrastructure that will underpin it. Some have seen their focus go from niche to hot asset. Others are influencing how Wall Street interacts with Main Street, using their skills and savvy to create new products and services for ordinary investors or giving employees at portfolio companies ownership stakes.

The rising stars also shared how they unwind and stay grounded in order to stay mentally sharp.

2023

Meet the 2023 class

2023's cohort included traders setting new playbooks for deals and trades and an investor building out burgeoning private markets businesses within the world's largest bank. These influencers also financed some of the biggest deals of the past few years and provided an edge to top investors with complex and innovative products.

They shared the lessons learned from their biggest career mistakes and how their Wall Street wardrobe had evolved from their COVID work-from-home days.

2022

Meet the class of 2022

As Wall Street navigated volatile markets, fewer deals, and plummeting company valuations, we found the players rising up despite the challenges.

One invested in space ventures, and another executed multibillion-dollar trades. Some up-and-comers pushed their teams to the top of industry rankings.

From books on the science of sleep to fantasy football strategy podcasts, here's what these bright leaders were reading and listening to. And here are some of their lessons and advice.

Here are the previous editions of our Wall Street rising stars list:

• 2021
• 2020
• 2019
• 2018
• 2017

• Citigroup appointed a new class of managing directors last week.
• Five new MDs share their best career advice and reflect on their rise at Citi.
• They also touched on how the bank's sweeping transformation has affected their jobs.

Last week, Citigroup announced a new class of managing directors, some of whom have been with the bank since it had a red umbrella logo — a byproduct of its merger with insurance giant Travelers in the late 1990s.

Anyone who has worked at Citi for a long time has seen plenty of changes. The global bank did away with the umbrella logo in 2007, just before a series of job cuts and other reorganization efforts took hold at the height of the financial crisis. In recent years, Citi has also exited many of its consumer banking operations, among other changes, as part of a transformation effort led by CEO Jane Fraser.

Since taking the top job in 2021, Fraser has vowed to modernize and simplify the bank, including by removing layers of bureaucracy and strengthening Citi's risk controls and technology systems. She has announced plans to cut 20,000 jobs over the next five years.

Managing directors, the bank's highest rank below the C-suite, are the people who will be tasked with helping bring Fraser's vision for the bank's future to life and navigating complex headwinds that arise along the way.

Business Insider interviewed five members of the 2024 MD class who have been at the bank for the majority of their careers. They spoke via email about a range of topics, from their first day at Citi to the changes they've seen at the bank over the decades, and how Fraser's transformation efforts have impacted their jobs. They also shared their advice to the next generation of talent in the industry.

Here are their words of wisdom, edited for length and clarity:

Bridget Griffin

• Chief Administrative Officer for Global Risk Review, New York
• Joined Citi in 2007

Describe your current role.

I am the chief administrative officer (CAO) of global risk review, responsible for leading the pillars of business management, regulatory & audit engagement, board reporting, controls & issue management, governance, and infrastructure & strategic projects.

What would you say is the biggest change at the bank/your field since you joined?

What stands out most is how much the bank — and the way we work — has evolved over time. When I joined, the iconic red umbrella stood out front and wood-paneled offices reflected a more traditional era. Today, modern, open workspaces reflect how much has changed. Through all of the change, it's the people who make it work – coming together, adapting and finding a way forward. That sense of community is what has kept me at the bank all these years.

What is one nugget of wisdom you'd give to the next generation of talent?

Stay confident in what you bring to the table, but humble enough to recognize areas where you can grow — and curious enough to turn them into opportunities. Early in my career, I pursued an internal transfer to Hong Kong with Citi to deepen my understanding of Asia, a region I realized I knew little about. That decision not only broadened my perspective but also led to incredible experiences that shaped both my career and personal growth.

What is the biggest impact the bank's transformation has had on your approach to your job?

The transformation has empowered me to question complexity and advocate for simplicity. I feel more confident challenging processes or decisions that seem overly complicated, focusing instead on practical solutions. This perspective has helped me contribute to a culture that values clarity and purposeful action.

Supriya Ramamurthy

• Head of Balcon and Rate Sales, US Personal Banking, New York
• Joined Citi in 2002

Describe your current role.

I am part of the USPB organization and work in the branded cards and lending team. I manage the on-card lending products.

Describe your very first day.

I joined Citi as a Management Associate in Sydney, Australia. It had been a super competitive, intense eight-round interview process before I finally made it to that first day. So, I was certainly excited but frankly also very relieved!

What is one nugget of wisdom you'd give to the next generation of talent?

Invest time and energy in establishing and building relationships within the firm and outside. Regardless of how fast the earth spins on its axis and how much AI and new inventions change our lives, ultimately it is people who will make all the difference.

What is the biggest impact the bank's transformation has had on your approach to your job?

I think the firm's overall transformation mantra has trickled down to every level in the organization and has led to a renewed commitment and focus on efficiencies and simplification. If I look at my own business, for example, over the past 18 months my team, my cross functional partners and I have been very focused on modernizing our legacy operating models.

John Hogue

• Head of Design and User Experience for Citi Wealth, Singapore
• Joined Citi in 1992

Describe your current role.

I recently took on a new role leading design & UX for Citi's services business. Our team is responsible for defining, creating, and implementing a simple and seamless user experience strategy for our large corporate clients.

What would you say is the biggest change at the bank/your field since you joined?

It's been said many times before that the 'C' in Citi stands for change, and that has been true throughout my career. One thing that has remained constant is a culture that promotes collaboration, innovation, and technology to improve the client experience.

What is one nugget of wisdom you'd give to the next generation of talent?

I've been fortunate to have a non-linear career at Citi, and I think it goes back to my feelings of being curious and wanting to learn how everything works. I always recommend to our new associates to know where you want to go, but have the courage to explore, experiment, and embrace unexpected opportunities in your Citi journey.

What is the biggest impact the bank's transformation has had on your approach to your job?

I see the impacts of our transformation as not one big thing, but an accumulation of improvements that you look back on and think, "We really have made a lot of progress." The organization is much leaner, which means that alignment and decision-making happen much faster.

Juan Francisco Orrego Echeverri

• Director, Operations, Know Your Customer Operations, Costa Rica
• Joined Citi in 1998

Describe your current role.

I am based in Costa Rica and lead our global services, markets & banking KYC operations team, responsible for serving over 50,000 client entities spanning 20 industries within these business lines to safeguard against money laundering risk.

Describe your very first day at Citi.

Wow, that was 26 years ago! I remember feeling a mix of excitement and anticipation. Joining such a large organization, I was filled with questions about what the future might hold — whether it would be a place where I could grow, develop, learn, and truly build a career.

What would you say is the biggest change at the bank/your field since then?

One of the most significant changes I have experienced was the decision to exit consumer banking in multiple geographies. It was a bold and highly strategic move with tremendous impact. Ultimately, it was made to ensure the best returns for our stakeholders, deliver greater value to our clients and create new opportunities for us as employees to grow.

What is one nugget of wisdom you'd give to the next generation of talent?

There are two pieces of advice I once received that I now share with anyone seeking advice or guidance. First: "To grow you need two basic things: Being fluent in English and having mobility." I had to embrace both — something I didn't know before — and I can now consider myself fluent in English (I am native Spanish speaker). I also had the chance to move to a different country. Both experiences undoubtedly contributed significantly to my development and growth at Citi.

Second, a simple yet powerful message: "People like you, people trust you." These two insights have been incredibly impactful in shaping my decisions and supporting my career growth at Citi.

Yoanna Darwin

• Asia South Treasury and Trade Solutions for Corporate, Commercial & Public Sector, Indonesia
• Joined Citi in 2001

Describe your current role.

I'm the country head of treasury & trade solutions (TTS); corporate, commercial & public sector sales for Indonesia, a business unit in Citi that offers integrated payment, liquidity management, trade, and working capital solutions to institutional clients across the globe.

Describe your very first day at Citi.

I arrived for my first official day at Citi as management associate back on July 17, 2001. I did not know what my day would look like. What will I be doing in the office? What is the working culture? Do I look professional enough? So many things crossed my mind at that time. And I remember feeling relief when I ended my first day just fine.

What is one nugget of wisdom you'd give to the next generation of talent?

There is no instant way to move up your career ladder. You have to earn it. Make a habit to create goals for each stage of your life. Put yourself in the driver's seat and drive in your own way towards the goals. Make a stop here and there, if you need to, so that you can look back, appreciate every step of the process, and find ways to improve and be better.