Banking jobs snapshot for week beginning 4 January.
In the week of 4 January to 10 January there were 11,227 banking jobs posted by the world’s largest 1,000 financial services firms, according to the GlobalData jobs analytics tool. The major US banks lead the way and are responsible for almost one-in-four of the new jobs posted in the week to 10 January. Specifically, JPMorgan Chase posts 892 new jobs just ahead of Wells Fargo (819) and Citi (696).
In addition, Bank of America, PNC, Regions, Capital One and Santander US all post over 100 new jobs.
And Goldman Sachs continues its recruitment drive witnessed in 2019. Goldman Sachs posts 104 jobs as it ramps up its move into retail banking. Last year, Goldman Sachs notably grew FTEs in the US by 20% to almost 2,000.
US banking jobs steady in 2020 despite Covid
Despite the hammer blow of a pandemic induced recession, banking employment numbers held up last year at the largest banks in the US.
To date, the double whammy of declining branch numbers and the rising use of AI has not hit employee numbers. Total US branches inched down by 4% in 2020 as the digital banking drive accelerated. But across the largest US banks, total FTEs dropped by only 0.4%.
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There were exceptions with Bank of America continuing its cost cutting drive. It ended 2019 with 138,000 FTEs down by 27% or 50,000 since 2007.
But in 2020 it was Citi that was the most aggressive US major in terms of cutting jobs. FTEs at Citi fell by 4% or a net 6,800 jobs in 2020. Elsewhere in North America, the Canadian majors are off to a strong start in 2021. Scotiabank posts 351 jobs ahead of RBC (220) and BMO (148).
But it is Mexico’s Banco Nacional de Mexico that is responsible for the largest new wave of jobs with 1,046 jobs posted in the week to 10 January.
Banking jobs snapshot: European highlights
Elsewhere, jobs growth in Europe is more muted but there are exceptions with BNP Paribas the most active. BNP Paribas’ Personal Finance unit posts 760 jobs while BNP itself posts 332 at group level.
In the Middle East, Abu Dhabi Islamic Bank is a notable hirer with 111 jobs posted.
There are few notable hires in the first week of 2021 with one exception: Citi has appointed Shahmir Khaliq as the new Head of Treasury and Trade Solutions, replacing Naveed Sultan, promoted to become Chairman of ICG in 2020.
This weekly article is the first in a series to summarise jobs activity in the banking sector for the previous week. In addition, it will highlight posted jobs of significance and identifies jobs market trends and insights from GlobalData’s proprietary Intelligence Center datatool that are of relevance for the industry.