The new year brings with it new beginnings, new goals, and oftentimes, a new career.
Once Wall Street bankers get their bonuses in January and February, many look ahead to the next opportunity.
So leading Wall Street recruitment firm Options Group published a report on hiring trends into 2020.
As companies focus on cost cutting, “new hires will be made only in the strongest product areas and mass layoffs (potentially within entire products or assets) will characterise the weakest-performing areas,” according to the report.
That means job cuts in equities and fixed income sales and trading. Options Group said there will be a “contraction in equities sales positions and in all non-algorithmic electronic positions,” and that sales teams in future will be made up of “effective relationship managers or data-science/programming professionals serving in dual capacities.”
In fixed income, sales team “will become largely cross-asset.”
National and regional banks will focus on technology, expanding hiring for developer and IT roles. These banks, going more digital, will decrease headcount for more automated tasks like opening bank accounts. The report also predicts that tech marketing teams will replace conventional sales professionals, so expect less hires for wealth managers and personal bankers.
Finally, the most aggressive growth initiatives will come from Japanese, Korean and Chinese banks.
If you’re still having trouble finding a job, brush up on those tech and programming skills. And there’s always Asia.