The global banking and payments industry experienced a 29% drop in new job postings related to cloud in Q1 2023 compared with the previous quarter, according to GlobalData’s Job Analytics. This compares to a 32% decrease versus Q1 2022. GlobalData’s Banking and Payments Predictions in 2023 – Thematic Intelligence report offers more insights into the impact of cloud and other key themes such as Artificial Intelligence, Conversational Platforms, and Cybersecurity on the banking and payments industry. Buy the report here.
Notably, Computer and Mathematical Occupations jobs accounted for a 47% share of the global banking and payments industry’s cloud-related total new job postings in Q1 2023, down 29% over the prior quarter.
Computer and Mathematical Occupations drive cloud-related hiring activity
Computer and Mathematical Occupations, with a share of 47%, emerged as the top cloud-related job roles within the banking and payments industry in Q1 2023, with new job postings drop by 29% quarter-on-quarter. Management Occupations came in second with a share of 14% in Q1 2023, with new job postings dropping by 31% over the previous quarter.
The other prominent cloud roles include Architecture and Engineering Occupations with a 4% share in Q1 2023, Business and Financial Operations Occupations with a 3% share of new job postings.
Top five companies in banking and payments industry accounted for 33% of hiring activity
The top companies, in terms of number of new job postings tracked by GlobalData, as of Q1 2023 were JPMorgan Chase & Co, US Bank, Barclays, Wells Fargo & Co, and Deutsche Bank. Together they accounted for a combined share of 33% of all cloud-related new jobs in the banking and payments industry.
JPMorgan Chase & Co posted 2,503 cloud-related new jobs in Q1 2023, US Bank 2,418 jobs, Barclays 1,402 jobs, Wells Fargo & Co 1,040 jobs, and Deutsche Bank 790 jobs, according to GlobalData’s Job Analytics.
Hiring activity was driven by the US with a 50.39% share of total new job postings, Q1 2023
The largest share of cloud-related new job postings in the banking and payments industry in Q1 2023 was in the US with 50.39% followed by India (15.62%) and the UK (9.49%). The share represented by the US was two percentage points higher than the 48.28% share it accounted for in Q4 2022.
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