JPMorgan and Citi lead the charge in post-lockdown hiring frenzy

JPMorgan and Citi have topped a chart for the banks with the most vacancies in England and Wales amid a rush to recruit financial services staff following the lifting of the UK’s coronavirus lockdowns.

Vacancies within the financial services sector during April were at their highest levels since before the pandemic, recording an increase of over 275% compared with the same month last year, according to a report from the Association of Professional Staffing Companies (APSCo).

JPMorgan’s 1,008 vacancies between January and April already represents 53% of its 2020 total. 

READ Jefferies fast-tracks junior bankers amid burnout and battle for talent

The bank has doubled its recruitment targets in Emea from last year and is recruiting new recruitment staff to handle the rush, a person familiar with the matter said.

Citi has the second-most vacancies with 746 new roles representing 67% of its 2020 total, while other banks with significant numbers of vacancies include Barclays with 425 and NatWest with 381.

AXA UK’s head of talent acquisition, Marcelle Foxcroft, said the firm is seeing a return to pre-Covid recruitment volumes.

“People are moving out of a ‘crisis’ work mode and reconsidering their career options and opportunities, which has put us back into a talent-led market,” Foxcroft said.

London accounts for 56% of all active vacancies, with the South-east of England coming in second with just under 10%.

Regions such as the North-east and North-west of England are already seeing vacancy volumes in the first four months of the year surpass the whole of 2020.

Roles for IT workers account for almost a third (31%) of vacancies within the sector while other in-demand skills include marketing, know-your-customer compliance, operations management and client service delivery. 

READ JPMorgan to hire 190 juniors as banks rush to ease stress and workload crisis

Banks have rushed to hire junior staff in the M&A boom that followed the Covid-19 slump in March last year amid fears that home-bound staff risked burnout from their heavy workload.

US investment bank Jefferies has shortened its analyst programme from three years to two, meaning juniors will get promoted — with the associated pay rise — sooner than previously.

JPMorgan is adding 190 junior bankers to its ranks to help alleviate the workload for its analysts and associates as part of a series of measures aimed at reducing stress and burnout among staff.

To contact the author of this story with feedback or news, email James Booth

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