Sep 6, 2023

Beyond the Banking Crisis: The Unabating Employment Dip – LinkUp Jobs Data

CitiGroup’s active job listings triggered a three-sigma outlier alert at the end of July from LinkUp, an Exabel alternative data partner providing job postings and firmographic data. Active jobs have dropped approximately 60% from the peak almost a year ago.

CitiGroup’s July reduction in hiring activity is the latest continuation of a months-long decline across the banking sector. Similar alerts triggered in February, March, and May:

Looking at broader sector coverage, almost 200,000 fewer banking-sector opportunities are available today than the peak in 2022. 

Of CitiGroup’s five-largest occupations by active postings, all occupations have reduced hiring activity since July 2022, with the largest cut-down coming from Business & Financial Occupations (-61% YoY change). 

Bank of America took longer to react to the changing economic conditions, but has since aggressively cut back on Business and Financial Occupation Listings by 94%. Meanwhile, JPMorgan Chase & Morgan Stanley have focused cuts on Computer & Mathematical Occupations Listings with a decline of 71% and 94.5% respectively since their peak in June 2022. 

The alert’s recent insights only confirm what we’ve observed: a continuing bleak outlook for the banking sector in the near-term.

Exabel Alerts allows you to monitor your data regularly for anomalies and inflection points, helping you to stay on top of the large and ever-growing volumes of alternative data delivered both on vendor dashboards and directly to your inbox.

Get ahead of the competition with alternative data alerts delivered directly to your inbox. Access our partner’s pre-built alerts or create your own. Find out more about our Alerts feature and all of our platform capabilities.

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Exabel is a financial technology company based in Oslo, London, and New York.

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