APAC Banks Brace for Hiring Freeze

Hiring has slowed down significantly at banks in Asia-Pacific, according to job post data, and a prolonged freeze could last the entire year from the effects on the ongoing pandemic.

At the beginning of March, the number of listed banking jobs closed surged to 1,200 per weak – more than the average of 500 – while new job posts fell to less than 300, according to GlobalData. The data provider noted that freezes could last for the full year even if the pandemic is moderated and contained this month and April.

Clearly, the appetite for new personnel has dried up,» said Andrew Haslip, APAC head of financial services content at GlobalData, in a release. With major banks in the region facing a hit to revenue from the drop off in consumers’ demand for credit and even desire to consume more than bulk purchases of toilet paper; most banks are reluctant to take on new staff.

Haslip forecasts that Asia Pacific will lead the hiring slowdown this month before similar trends will be witnessed across the world next month.

Wealth managers in Asia are expected to miss client inflow targets en masse and register «heavy losses» on invested assets. But one of the bright spots GlobalData highlights is digital banking where automation capabilities require less physical interaction, though it noted that the area would also face a slowdown in hiring for specialized talent.

Being able to extend credit and payment services without having to involve a person directly will also be a boon in a time when many bank employees are likely to be ill or self-isolating, Haslip added.