Jobs in Financial Services are Strong Despite Recent Layoffs

The Association of Professional Staffing Companies (APSCo), recently published a report focused on professional recruitment in the financial services industry. The results found that the financial labor market ended last year at its peak, with more than 100,000 jobs advertised in the banking sectors and IT professionals the highest in demand.

Banking layoffs were reported as budget cuts, so it remains to be seen what effect this will have on enrollment levels in the first quarter of 2023. For the industry’s most sought-after IT skills, it is possible that hiring will remain somewhat buoyant despite the layoffs, as the need for technical experts is unlikely to decrease significantly by industry. It will also be interesting to see how the financial industry’s hiring challenges evolve over the next year. As seen in previous recessions, cutting employees too quickly and too deeply when the economy recovers will have a negative impact on employment. Huge investments in technology and digitization are fueling such high demand for tech professionals, despite widely publicized reports of planned mass layoffs in the banking sector.

Barclays was the largest recruiter with 5,700 vacancies, according to data collected by APSCo and reported by Business Intelligence specialist Vacancysoft, IT professionals were the most sought after, with 33,500 vacancies in 2022, up 15.8% from the previous year. The banking industry was in second place and ended 2022 with 27,000 new positions, more than 32.7% from 2021. Of the best companies in the financial services industry, Barclays topped the list last year with more than 5,700 vacancies: a year-on-year annual increase of 15.8% percent. JPMorgan Chase was second best with more than 600 jobs, up 32.7% from 2021.

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