It's happening to the hedge funds and it's happening to the banks too.
Banking giants are posting fewer jobs in New York as the global Coronavirus pandemic is seeing some firms delay sending out offers and others reconsider hiring altogether.
Recently, eFinancialCareers reported JPMorgan Chase ($JPM) will delay on-boarding new hires for at least one month, but that the bank generously offered to pay them from their planned start dates, regardless. And, now, the Coronavirus crisis appears to have come home to roost right at the bank's doorstep, in midtown Manhattan. In New York, JPMorgan job postings slid nearly 20% from their March 2020 peak.
Bank of America, which is headquartered in North Carolina, has seen its stock hammered for 37% so far this year, and that's counting the Thursday, March 26, bounce-back as markets responded positively to the latest phase in Capitol Hill legislation aimed at stanching the most dire fiscal losses from the pandemic. Bank of America ($BAC) job postings dipped 12% in New York, from March 2020 highs.
At Goldman Sachs ($GS), job postings have only dipped slightly from 2020 peaks, but on a similar timeframe as their consumer banking counterparts. Further, Goldman's shares have fared a little bit better than their consumer banking counterparts (down about 31% YTD as of March 26). Still, in New York, job postings from Goldman Sachs were down just 5% from March peaks.
Those who can recall the grim early weeks of the 2008 global financial crisis recall far steeper cuts to big banks' staffing costs, so a few missing jobs in New York won't spook grizzled Wall Street veterans. But between the likelihood of a stalled job market in early summer - when new graduates expected to begin working - paired with rising layoffs in other spaces is painting an increasingly dire short-term economic picture for the US at large.
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.