It isn't just US banks' Wall Street hiring, or American hedge funds. It's even spread to European banks, and as companies all over the world gird themselves against the likelihood of a recession, leading European banks are also slashing job postings. Deutsche Bank ($DB) is not shown; but it is an outlier, having grown postings thus far in 2020.
At Credit Suisse ($CS), job postings declined 41% from March highs, nearly matching the Swiss bank's stock price decline of 43% for the year.
UK-headquartered Royal Bank of Scotland ($RBS) shares have been pummeled for more than 60% of their value since the year began. And, of this grouping of banks, RBS' job postings cull is the most sharp, at 45%.
And, at Zurich-based UBS (NYSE:UBS), shares have fared relatively well in comparison to competitors, losing just 30% of their value during the pandemic. Job postings for UBS are down 20% so far this month.
The financial services sector is said to be a leading indicator for markets and the economy alike - and watching leading institutions on both sides of the Atlantic cut into job postings may be one of the more negative data points to emerge for the global economy as of late.
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.
Further Reading:
- Bank of America is flooded with customer response queries as consumers look for answers
- Hiring slows at 3 of America's top-5 banks
- JPMorgan Chase "Engineer" jobs up 27% since the new year
