The global banking and payments industry experienced a 27% drop in new job postings in Q3 2023 compared with the previous quarter, with the highest share accounted for by US Bank with 6,459 job postings according to GlobalDataâ€™s analysis of banking and payments company job postings. 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, Management Occupations jobs accounted for a 16% share of the global banking and payments industry’s new job postings in Q3 2023, down 35% over the prior quarter.
Management Occupations drive banking and payments industry hiring activity
Management Occupations, with a share of 16%, was the occupation with the greatest hiring activity in the global banking and payments industry in Q3 2023, ahead of Business and Financial Operations Occupations with a 13% share of job postings.
The other prominent roles include Office and Administrative Support Occupations with a 13% share in Q3 2023, Computer and Mathematical Occupations with a 37% share and Sales and Related Occupations with a 7% share of new job postings.
Top five companies in banking and payments industry accounted for 15% of hiring activity
The top five companies, in terms of number of new job postings tracked by GlobalData, accounted for a combined 15% share of the overall hiring activity in the global banking and payments industry in Q3 2023.
US Bank posted 6,459 jobs in Q3 2023 and registered a drop of 68% over the previous quarter, followed by JPMorgan Chase & Co with 6,200 jobs and a 21% decline. Wells Fargo & Co with 6,124 jobs and Societe Generale with 6,055 jobs, recorded a 56% decline and a 28% rise, respectively, while Banco Santander recorded a 15% drop with 5,099 job postings during Q3 2023.
Hiring activity was driven by North America with a 54% share of total new job postings, Q3 2023
North America held the leading share of the new job postings in the global banking and payments industry with a 54% share, a 1% lower over Q2 2023. Asia-Pacific stood next with 21%, registering a 29% decline over the previous quarter.
Europe with a 19% share marked a 22% drop over Q2 2023. The South & Central America and Middle East & Africa accounted for shares of 14% and 15% respectively.
For further understanding of GlobalData's Banking & Payments: Hiring Trends & Signals Q3 2023, buy the report here.