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Job vacancy numbers within the financial services sector are expected to fall for the rest of this year across England and Wales, according to new research from the Association of Professional Staffing Companies (APSCo).
The data, which was provided by Vacancysoft, revealed that vacancy numbers within commercial banking, insurance, fintech and IT were all set to fall this year amid “worsening” economic conditions following a “fairly” positive 2022.
However, compliance reportedly appears to be the only field within the finance sector where job numbers are expected to increase.
According to APSCo, this could point to “a more complex” regulatory environment for organisations operating in this field.
What’s more, a comparison of employers within financial services last year revealed the dominance of Barclays, which saw an increase of 148% in vacancy numbers.
Insurance firm AXA also saw impressive growth with a 92.2% rise in roles when compared with data from 2021. However, it could be a more challenging year for the likes of Citi and Santander, which are expected to post respective falls of 70.5% and 72.5% by the end of the year.
Ann Swain, global CEO at APSCo, said: “While the drop in financial job vacancy numbers is disappointing, it’s not unexpected and highlights the difficult market conditions in which many firms are now operating.
“Of course, this data is impacted by the relative boom period experienced in 2022, which saw vacancy numbers climb significantly after the pandemic as organisations began to once again boost the size of their workforces.”
She added: “The increasing demand for compliance specialists highlights the challenging regulatory landscape that many are now facing and we anticipate seeing further growth in this field over the coming months.”
