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.

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

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