The global 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 Citigroup with 18,768 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 Q1 2023, down 17% 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 Q1 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 Q1 2023, Office and Administrative Support Occupations with a 22% share and Sales and Related Occupations with a 6% share of new job postings.
Top five companies in banking and payments industry accounted for 24% of hiring activity
The top five companies, in terms of number of new job postings tracked by GlobalData, accounted for a combined 24% share of the overall hiring activity in the global banking and payments industry in Q1 2023.
Citigroup posted 18,768 jobs in Q1 2023 and registered a drop of 12% over the previous quarter, followed by US Bank with 16,216 jobs and a 42% decline. JPMorgan Chase & Co with 14,699 jobs and Wells Fargo & Co with 12,382 jobs, recorded a 30% decline and an 11% drop, respectively, while HDFC Bank recorded a 1% rise with 11,195 job postings during Q1 2023.
Hiring activity was driven by North America with a 51% share of total new job postings, Q1 2023
North America held the leading share of the new job postings in the global banking and payments industry with a 51% share, 0.22% lower over Q4 2022. Asia-Pacific stood next with 25%, registering a 24% decline over the previous quarter.
Europe with a 19% share marked a 17% drop over Q4 2022. The South & Central America and Middle East & Africa accounted for shares of 27% and 9% respectively.