Bank of America is already tightening its belt in advance of a very likely recession, but it's also seeing some positive news on the digital front that might also serve as a warning to bank tellers. Heading into earnings April 15, the bank will likely hear from analysts who want to know how well its business is running over the web - and if business online goes well enough, some of those Bank of America job postings may never come back.
Job postings at Bank of America ($BAC) have plummeted to multi-year lows - an increasingly common theme on Wall Street - declining more than 31% in a little more than a month. Shares are down more than 32% to start 2020. JPMorgan Chase, which will announce earnings Tuesday, April 14, slashed even more job postings. Hedge funds and institutional investors are doing the same. And, it's happening in the EU too.
Last week, we examined how Facebook and Twitter data highlighted a surge in consumers pressing Bank of America to help explain policies around regulations, particularly for small business owners, which have been trying to access loans to support short-term operations.
Bank of America's Prepaid Mobile app is getting thousands of new reviews in the Apple ($AAPL) Store, a sign of rising engagement as more people look to reduce social friction through digital payments. Bank of America's Prepaid Mobile app has similar engagement increases over a similar timeframe via the Google ($GOOG) Play Store, as well.
Bank of America's broader platform app for financial services transactions boasts a high rating in the Apple Store - but, it's not tops among US consumer banks, and, from a Ratings Count perspective, is in danger of being surpassed in this metric by a more competitive Citi.
In the earnings calls to come this week, there is a chance big consumer banks will disclose a greater shift to their digital platforms, compared to their brick-and-mortar locations. And while short-term dislocations in the credit market may lead to fewer mortgage originations, big banks are now boxed in and have to start providing consumers with digitized options if they want to grow revenue. The bank(s) that are the most successful, will likely have staying power on Wall Street.
About the Data:
Thinknum tracks companies using the information they post online - jobs, social and web traffic, product sales and app ratings - and creates data sets that measure factors like hiring, revenue and foot traffic. Data sets may not be fully comprehensive (they only account for what is available on the web), but they can be used to gauge performance factors like staffing and sales.
- JPMorgan Chase job postings tumble as Wall Street braces for recession
- Apple slows global hiring after more than a year of steady growth
- Uber hiring plummets amid sharing economy downturn