Citi is by far the most active in the jobs market for the month of May with 14,081 new roles posted, according to the GlobalData jobs analytics tool.

Mexico-based Citibanamex with 6,498 new roles, Wells Fargo (5,349) and JPMorgan Chase (4,913) are also active with Citizens Financial and Scotiabank the only other lenders with over 3,000 new positions posted.

The jobs market in the financial services sector remains healthy according to the GlobalData jobs analytics tool. But it is the same banks that are topping the jobs posted section of the tool with Citi, Wells Fargo and JPMorgan Chase prominent, week after week and month after month.

Similar comments apply of the European-headquartered banks, with KBC, BNP Paribas and HSBC all posting over 2,000 new roles for the month of May.

For the first five months of 2021, Citi has posted almost twice as many new roles of JPMorgan and Wells Fargo. Bank of America, by contrast, has been relatively inactive, posting a mere 6,000 new roles for the period January to end May.

By this measure, the year to date, Scotiabank ranks fourth overall, ahead of Citizens Financial, BNP Paribas, Santander, HDFC and KBC.

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May job losses of note

In May, Commerzbank was the only notable bank to make the news as regards job cuts. Moreover, Commerzbank had previously flagged up plans to shrink its workforce by 10,000.

In May, it reached an agreement with employee representatives on its proposed retrenchment exercise.

The measures include an improved early retirement plan with the bank now extending the offer of early retirement to seven years.

Commerzbank member of the board of managing directors responsible for Human Resources Sabine Schmittroth says: “We have found solutions for our employees that are fair, comprehensible and socially responsible.

“The settlement of interests and social plan form the framework for being able to bring the negotiations to a conclusion by the end of the year.”

May notable sector hires

  • Lombard Odier appoints Edouard de Saint Pierre as Managing Director of its private bank in France.

He replaces Joëlle Pacteau, who is moving to a new role within the Group. Edouard de Saint Pierre, 38, joined Lombard Odier in 2018 following a 12-year career at UBS and JP Morgan, which included spells in Geneva, Zurich and London.

  • Fintech Paylink Solutions appoints Andrew Alder as Director of Developments and Partnerships

Alder has more than 15 years’ experience of working across the debt advice, collections and lending industries. He joins Paylink from national debt advice provider, PayPlan, where he was instrumental in developing its creditor support proposition on funding – and integrating PayPlan’s service into creditors’ contact centres and digital journeys.

  • Platform provider, OpenSparkz, appoints Henrik Berglind to the position of Commercial Partnerships Lead. Berglind joins OpenSparkz after more than 20 years at hospitality group, Accor.
  • HSBC Bank plc and HSBC Europe Chief Executive Officer Colin Bell has joined the board of directors at London fintech start-up Quantexa. He comments:

“Quantexa’s Contextual Decision Intelligence platform brings undeniable value to its customers when tackling data challenges and building customer context for use cases across data management, risk and compliance, and customer intelligence.

The future of work: remote workforce challenges ahead for employers

Almost 90% of businesses in financial services say they need a better understanding of employment law for a remote workforce, according to research from international law firm Bird & Bird.

Meantime, some 46% of London businesses say increased working from home has had a negative impact on business performance. And 50% of London businesses feel that less face-to-face contact has had a negative impact on board performance.

Other key findings

  • 75% of London’s medium and large businesses say they will renegotiate rental agreements with over 95% saying this is a result of the pandemic;
  • 60% say remote working has increased the level of risk to their IT infrastructure;
  • 46% have reported an increase in the number of cyber-attacks in the past 12 months, and
  • 88% of businesses who have experienced these cyber-attacks expect this to continue into 2022.

In January, Bird & Bird surveyed 400 senior decision makers in businesses based in London and the South East of England to learn more about how the UK’s capital has dealt with the Covid-19 pandemic and to gain an insight into how the city is looking to move towards a new normal.

London’s financial sector is one of the most affected by the changing landscape of agile working, with almost 90% of respondents from financial services companies stating that they need a better understanding of employment law when applied to remote working.

Additionally, the uptick in remote working has also revealed another consideration for London’s businesses: cybersecurity.

FInancial services can leverage its digital expertise

Christian Bartsch, partner and co-head of the Financial Services sector group at Bird & Bird comments: “There is an opportunity for the UK financial services industry generally to leverage its expertise in digital finance.

“At Bird & Bird, we are used to working at the intersection of where technology meets financial services regulation, so working with clients to deal with disruption in the sector and looking at new markets is a core part of our business.

“If those operating in the sector get a good balance between the right tech, used efficiently and with a keen eye on the regulatory environment in which that tech is deployed – those are the entities that are going to be well positioned to take advantage of opportunities in the years ahead.”