Who Will Banks Hire in 2023 (and Who They Won't)?
But what skills will make you the most desirable to recruiters in 2023?
Recently, analysts at JPMorgan indicated enthusiasm about hiring for data and technology positions (UX, UI, and AI) with compliance / AML roles. This is due to an increase in fintech developments and sharper regulatory scrutiny on banks than before.
Front office roles will be harder to crack given the hiring slump steered by a weak revenue outlook that may lead to a hiring freeze for some roles. Line managers across banks are being told they can only hire new staff after laying off underachievers. IB roles dropped about 42% between August and October 2022 .
Sinking revenues and soaring salaries add to woes of rising personnel cost. As per some reports, #standardcharteredbank and #UBS personnel costs accounted for ~74% of overall 2021 costs with #bnpparibas and #HSBC reporting ~59% for the same.
Hence, banks will be especially selective about new hires, with greater focus on skill-based hiring, finding cheaper and more efficient talent with high technical agility.
ESG and technology are expected to have better headcount and there will be a strong focus on diversity hires in the years to come. Banks will however be wary of potential employees who played it safe in previous roles but were not outstanding, as they look for replacement hires.
So, if you’re seeking #internships2023 or #gradjobs you'll need to focus on these to stay competitive and bag offers:
1️⃣ Now is the time to diversify instead of focusing on IB only
2️⃣ Re-evaluate your application strategy and identify where else you can apply the same skills as IB? A blend of strong interpersonal communication with analytical/ technical aptitude can get you #commercialbanking #advisory
and #consulting roles as a safety net
3️⃣ Upskill yourself with tools for #dataanalysis or #programming that can be applied to driving analytics and decision-making in different areas (driving sales, customer satisfaction, introducing new products/ services, etc.)
4️⃣ Don’t be overly choosy. Get experiences under your belt so that you can get your foot in the door and work on switching teams later
5️⃣ Keep an eye out for all kinds of job applications. Several companies will have cut-off dates whilst others will hire on a rolling basis.
6️⃣ Follow local and overseas market news. #Singapore is placing a stronger focus on promoting ESG and a growing number of hedge funds are opening offices there, meaning more opportunities in the Lion City in the future!
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