The global banking and payments industry experienced an 11% drop in new job postings related to cloud in Q4 2023 compared with the previous quarter, according to GlobalData’s Job Analytics. This compares to a 58% decrease versus Q4 2022. GlobalData’s Banking & Payments: Hiring Trends & Signals Q4 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.
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Notably, Computer and Mathematical Occupations jobs accounted for a 51% share of the global banking and payments industry’s cloud-related total new job postings in Q4 2023, down 3% over the prior quarter.
Computer and Mathematical Occupations drive cloud-related hiring activity
Computer and Mathematical Occupations, with a share of 51%, emerged as the top cloud-related job roles within the banking and payments industry in Q4 2023, with new job postings drop by 3% quarter-on-quarter. Management Occupations came in second with a share of 15% in Q4 2023, with new job postings dropping by 5% over the previous quarter.
The other prominent cloud roles include Business and Financial Operations Occupations with a 5% share in Q4 2023, Architecture and Engineering Occupations with a 4% share of new job postings.
Top five companies in banking and payments industry accounted for 23% of hiring activity
The top companies, in terms of number of new job postings tracked by GlobalData, as of Q4 2023 were JPMorgan Chase & Co, HSBC, S&P Global, Capital One Financial, and Cadence Bank. Together they accounted for a combined share of 23% of all cloud-related new jobs in the banking and payments industry.
JPMorgan Chase & Co posted 1,496 cloud-related new jobs in Q4 2023, HSBC 611 jobs, S&P Global 498 jobs, Capital One Financial 468 jobs, and Cadence Bank 454 jobs, according to GlobalData’s Job Analytics.
Hiring activity was driven by the US with a 38.88% share of total new job postings, Q4 2023
The largest share of cloud-related new job postings in the banking and payments industry in Q4 2023 was in the US with 38.88% followed by India (18.95%) and the UK (7.15%). The share represented by the US was three percentage points lower than the 42.32% share it accounted for in Q3 2023.
For further understanding of GlobalData's Banking & Payments: Hiring Trends & Signals Q4 2023, buy the report here.
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GlobalData’s Jobs Analytics uses machine learning to uncover key insights from tracking daily job postings for thousands of companies globally. Proprietary analysis is used to group jobs into key thematic areas and granular sectors across the world’s largest industries. classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
