The global banking and payments industry experienced a 31% drop in new job postings related to cloud in Q3 2023 compared with the previous quarter, according to GlobalData’s Job Analytics. This compares to a 63% decrease versus Q3 2022. GlobalData’s Banking & Payments: Hiring Trends & Signals Q3 2023 report reveals comprehensive insights into hiring patterns, job roles, required skills, geographical trends, and key themes within the industry, facilitating anticipation of future workforce needs. Buy the report here.
Notably, Computer and Mathematical Occupations jobs accounted for a 47% share of the global banking and payments industry’s cloud-related total new job postings in Q3 2023, down 31% over the prior quarter.
Computer and Mathematical Occupations drive cloud-related hiring activity
Computer and Mathematical Occupations, with a share of 47%, emerged as the top cloud-related job roles within the banking and payments industry in Q3 2023, with new job postings drop by 31% quarter-on-quarter. Management Occupations came in second with a share of 13% in Q3 2023, with new job postings dropping by 43% over the previous quarter.
The other prominent cloud roles include Architecture and Engineering Occupations with a 4% share in Q3 2023, Business and Financial Operations Occupations with a 4% share of new job postings.
Top five companies in banking and payments industry accounted for 24% of hiring activity
The top companies, in terms of number of new job postings tracked by GlobalData, as of Q3 2023 were JPMorgan Chase & Co, Deutsche Bank, HSBC, Banco Santander, and US Bank. Together they accounted for a combined share of 24% of all cloud-related new jobs in the banking and payments industry.
JPMorgan Chase & Co posted 1,265 cloud-related new jobs in Q3 2023, Deutsche Bank 818 jobs, HSBC 658 jobs, Banco Santander 479 jobs, and US Bank 455 jobs, according to GlobalDataâ€™s Job Analytics.
Hiring activity was driven by the US with a 41.50% share of total new job postings, Q3 2023
The largest share of cloud-related new job postings in the banking and payments industry in Q3 2023 was in the US with 41.50% followed by India (18.19%) and the UK (5.69%). The share represented by the US was ten percentage points lower than the 51.00% share it accounted for in Q2 2023.
For further understanding of GlobalData's Banking & Payments: Hiring Trends & Signals Q3 2023, buy the report here.