Banking jobs snapshot for week beginning 10 January.

In the week of 10 January to 16 January there were 13,163 banking jobs posted by the world’s largest 1,000 financial services firms, according to the GlobalData jobs analytics tool.

This represents a 16% rise week-on-week, with 11,227 banking jobs posted in the week commencing 3 January.

US-headquartered banks again lead the way and are responsible for 7,338 new jobs. Europe follows with 3,301 new jobs posted ahead of Canadian-headquartered lenders with 1,343 jobs posted.

Banks based in Asia Pacific post 1,034 new jobs in total.

To date in 2021, banks based in the Middle East and Africa have been quiet as regards new job postings.

In the US, JPMorgan Chase is the most active for the second week running, with 1,354 new job postings.  Citi (969) and Wells Fargo (791) rank next ahead of PNC (269) and Bank of New York Mellon (264).

Other notable hirers include Goldman Sachs, Bank of America, Truist and Citizens Bank all posting over 100 new jobs.

Banking jobs snapshot: European highlights

By contrast with the US, European banks spent 2020 cutting jobs. Across the largest US banks, total FTEs dropped by only 0.4% in 2020. In Europe, banking job losses accelerated in 2020 with around 70,000 jobs axed, the largest annual number since 2015.

For example, HSBC announced plans to reduced its headcount by 35,000. Deutsche Bank is in the course of cutting almost 20,000 jobs by 2022.

While European banks continue to post cost-income ratios in excess of 60%, the average across the largest banks in the region, further job cuts are certain.

There are however notable job postings for European headquartered banks in the week commencing 10 January.

BNP Paribas leads the way with 631 new postings ahead of Standard Chartered (328). KBC (237), BBVA (172) and Barclays (160) round off the top five.

And while Santander plans to reduce headcount by 3,500 jobs this year, it posts 130 in the week under review.

Banking jobs snapshot: best of the rest

Outside the major US and European banking markets, Canadian banks are active with new job postings. Scotiabank posts 386 new roles ahead of RBC (236) and BMO (227).

CIBC Wealth Management (125) and Desjardins (117) are also active.

Elsewhere, Japan’s MUFG posts 132 new roles while National Australia Bank has 105 new posts.

But as the European banks reporting season looms, speculative talk will again turn to possible major M&A deals.

Potential European M&A activity: major deals in the offing to impact jobs

Any such mega merger talk is likely to reference further likely consolidation in the Spanish market. That will inevitably mean further job losses as will result from the Caixa/Bankia deal.

A possible tie up is theoretically possible involving BBVA and Santander. BBVA has a healthy capital position following the sale of its US unit.

From time to time, there is talk of a possible UBS-Credit Suisse combination. In France, analysts talk periodically about the potential cost savings from a theoretical BNP Paribas Soc Gen tie up. Possible cross-border deals could see Italy’s UniCredit eyeing up Germany’s Commerzbank.

This weekly article will summarise jobs activity in the banking sector for the previous week. In addition, it will highlight posted jobs of significance and identifies jobs market trends and insights from GlobalData’s proprietary Intelligence Center datatool that are of relevance for the industry.