The US’s banking and payments industry registered a 13.7% drop in IT hiring activity in October 2022 when compared with the previous month, according to GlobalData’s Job Analytics database.

The industry’s overall hiring is decreased by 11.04% in October 2022 when compared with September 2022.

Out of the banking and payments industry’s total hiring activity, IT jobs claimed a 13.59% share in October 2022, recording a decrease of 0.41% over the last three-month average share.

Top five job classifications in the US’s banking and payments industry’s IT recruitment activity in October 2022

Out of the total job titles, the top five roles commanded a 98.86% share in the overall IT recruitment activity of the US’s banking and payments industry in October 2022.

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1) Software and Web Developers, Programmers, and Testers recorded a share of 50.94% in October 2022, registering a 40.97% decline over the previous month.

2) Database and Network Administrators and Architects claimed an 18.07% share, a decrease of 24.91% over the previous month.

3) Computer and Information Analysts held a share of 13.48%, registering a 1.95% decline from September 2022.

4) Miscellaneous Computer Occupations captured a share of 10.47%, down 20.39% over the previous month.

Top five banking and payments companies in the US’s IT recruitment activity in October 2022

The top five companies, in terms of number of jobs as tracked by GlobalData, have accounted for a combined average decline of 4.81% share in the overall IT recruitment activity of the US’s banking and payments industry during October 2022 over September 2022.

US Bank posted 1,800 IT jobs in October 2022 and registered a drop of 23.14% over the previous month, followed by Bank of New York Mellon with 420 jobs and a flat growth. Bank of America with 371 IT jobs and Citigroup with 350 jobs, recorded a 12.08% growth and a 2.23% decrease, respectively, while Capital One Financial recorded a decline of 18.01% with 346 job postings during October 2022.

Junior Level job postings dominate in October 2022

Junior Level jobs held a share of 56.49%, down by 33.2% from September 2022. Mid Level positions with a 33.19% share, registered a decline of 28.1% compared with the previous month.

In the third place was Entry Level job ads with 8.38% share, down 42.08% over September 2022, while Senior postings accounted for 1.94%, recording a month-on-month increase of 25.33%.