The bankers looking for new jobs in 2024
In our bonus and job market expectations report, published last year, we didn't just ask about bonuses and job security. We also asked our respondents about their intentions of looking for new jobs in 2024. The table below shows the percentage of respondents, currently employed, who said they will be looking for a new job next year.
Employees at some banks say they’re far more likely to look for new jobs in 2024 than others. Those at Barclays, HSBC, and SocGen are, by some margin, the most likely to be looking for a new job, ranging from 66% of respondents (for Barclays) to 59% of respondents (for SocGen). The least likely were Bank of America’s people, as well as JPMorgan’s (40% and 49%, respectively).
What makes employees at JPMorgan and Bank of America so loyal? JPMorgan won our Ideal Employer top spot, so it’s possibly safe to assume that people working there feel disinclined to leave. Bank of America had a pretty good 2023 – its sales and trading revenue at the end of 9M2023 was the highest it’s reported this decade. It’s also avoided making the huge cuts that its competitors have, relying instead on the industry’s naturally high attrition rate, meaning people aren’t looking to escape a seemingly inevitable job loss.
Responding to our survey, one JPMorgan VP in London said that he was “already at the most secure bank”, and that he had no plans to look for a new job. Employees at Bank of America broadly had similar security in their employer, although one equity research bemoaned “arrogant MDs” who are prejudiced against work-fromhome arrangements. He also noted the fact that the sector is underpaid compared to M&A or hedge fund work.
Barclays by comparison is preparing to launch a new strategic plan in February 2024 as part of a reported push to generate sustainable returns of between 14% and 15%. It’s achieved those numbers just once since 2015; in 2021, when the economy roared back to life post-pandemic. The implication, therefore, is that people at the British bank feel insecure ahead of the new targets.
Also responding to our survey, one back-office VP at Barclays in London said that, among on Barclays’ attitude to “flexibility on hybrid working, I might be inclined to look for another job”. He also drew attention to his 2022 bonus, which “was appalling,” and that if next year’s isn’t better, he would be looking for a new role.
Women said they’re generally more likely to look for new jobs more than men next year. Hongkongers and Singaporeans said they were more likely to look for a new job than Americans and Europeans. Most interestingly, there was a clear and strong relationship between age and likelihood to seek a job next year, with just 52% of 20–25-year-olds looking for a new job next year compared to 73% of people over the age of 50.
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