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.
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