The global banking and payments industry experienced a 16% drop in new job postings in Q2 2023 compared with the previous quarter, with the highest share accounted for by Citigroup with 19,629 job postings according to GlobalData’s analysis of banking and payments company job postings. Buy the report here.
Notably, Management Occupations jobs accounted for a 17% share of the global banking and payments industry’s new job postings in Q2 2023, down 21% over the prior quarter.
Management Occupations drive banking and payments hiring activity
Management Occupations, with a share of 17%, was the occupation with the greatest hiring activity in the global banking and payments industry in Q2 2023, ahead of Computer and Mathematical Occupations with a 13% share of job postings.
The other prominent roles include Business and Financial Operations Occupations with an 11% share in Q2 2023, Office and Administrative Support Occupations with a 23% share and Sales and Related Occupations with a 6% share of new job postings.
Top five companies in banking and payments industry accounted for 25% of hiring activity
The top five companies, in terms of number of new job postings tracked by GlobalData, accounted for a combined 25% share of the overall hiring activity in the global banking and payments industry in Q2 2023.
Citigroup posted 19,629 jobs in Q2 2023 and registered a growth of 5% over the previous quarter, followed by US Bank with 18,752 jobs and a 16% growth. Wells Fargo & Co with 13,669 jobs and Kotak Mahindra Bank with 8,259 jobs, recorded a 10% growth and a 3% drop, respectively, while JPMorgan Chase & Co recorded a 47% drop with 7,873 job postings during Q2 2023.
Hiring activity was driven by North America with a 56% share of total new job postings, Q2 2023
North America held the leading share of the new job postings in the global banking and payments industry with a 56% share, a 5% higher over Q1 2023. Asia-Pacific stood next with 22%, registering a 27% decline over the previous quarter.
Europe with a 17% share marked a 26% drop over Q1 2023. The South & Central America and Middle East & Africa accounted for shares of 5% and 1% respectively.