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Hiring slows at 3 of America's top-5 banks

5 months ago by Joshua Fruhlinger in

Cuts are the news of the quarter when it comes to banking jobs around the world. Headlines like "Europe's Bankers; Annus Horribus Continues with 4,000 HSBC Cuts" and "Barclays Cut 3,000 Jobs in Recent Months, Joining European Peers" paint a grim picture for the state of hiring in the world's banks.

For American banks, the picture isn't all that much brighter. At three of the country's largest banks, job openings are down.

At JPMorgan Chase ($NYSE:JPM), openings have sunk to just over 7,000 listings, down from 8,000 in June, and down from 9,000 at this point last year. Some of this slowdown comes as the bank slows hiring in home lending and commercial banking.

For Bank of America ($NYSE:BAC), hiring has been relatively consistent since last winter, but since June has seen a slowing trend, moving from 12,500 openings to 12,100 in the past month.

Meanwhile, at Wells Fargo ($NYSE:WFC), openings have dipped to 2,750, down from a recent high of 3,000.

It's not all bad news, however. Citigroup ($NYSE:C) hiring has been on the rise since last spring, and after a lull at the beginning of July, has picked up again. As of this week, the bank is listing 5,870 openings after a low of less than 3,000 last winter. Citigroup has been on a hiring spree as part of its digital transformation.

Goldman Sachs ($NYSE:GS) is also seeing an uptick in job listings. This comes after a sustained decline since last April. While hiring at Goldman Sachs hasn't reach the highs of 2,300 it saw last year, opening have recovered from an April low of less than 1,000 to 1,530 just last week. As we've recently reported, many of these new jobs are slated for new digital-forward initiatives in its Consumer and investment Management groups.

About the Data: 

Thinknum tracks companies using information they post online - jobs, social and web traffic, product sales and app ratings - and creates data sets that measure factors like hiring, revenue and foot traffic. Data sets may not be fully comprehensive (they only account for what is available on the web), but they can be used to gauge performance factors like staffing and sales. 

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Joshua Fruhlinger

Joshua has been writing about technology, lifestyle, and business for over 20 years. He's one of the original writers and editors for Engadget, and still writes a...

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