The North American banking and payments industry experienced a 21% drop in new job postings in Q1 2023 compared with the previous quarter, with the highest share accounted for by US Bank with 16,032 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 16% share of the North American banking and payments industry’s total new job postings in Q1 2023, drop 17% over the prior quarter.
Management Occupations drive banking and payments hiring activity
Management Occupations, with a share of 16% new job postings, was the occupation with the greatest hiring activity in the North American banking and payments industry in Q1 2023 , ahead of Office and Administrative Support Occupations with a 15% share of new job postings.
The other prominent roles included Business and Financial Operations Occupations with a 14% share in Q1 2023, Computer and Mathematical Occupations with a 12% share and Sales and Related Occupations with a 10% share of new job postings.
Top five companies accounted for 32% of hiring activity
US Bank posted 16,032 jobs in Q1 2023 and registered a decline of 42% over the previous quarter, followed by JPMorgan Chase & Co with 11,470 jobs and a 9% drop. Wells Fargo & Co, with 9,521 jobs, and Citigroup, with 9,311 jobs, recorded a 9% drop and a 7% drop, respectively, while TD Canada Trust recorded a 11% decline with a 5,212 new job postings during Q1 2023.
Regional analysis of hiring in the North American banking and payments industry, Q1 2023
The US held the leading share of the North American banking and payments hiring activity with an 86.05% share, a 20% decrease over Q4 2022. Canada was next with 7.99%, four-percentage-point down over the previous quarter.