Despite the enduring strength of the US financial services sector, the jobs market remains uneven with some losses in major firms and some shifts in demand for roles required.
Recent data from recruiter Robert Half found that in-demand roles include those in strategic advisory, risk, technology and compliance, but most firms say they are struggling to find the talent required to fill these functions. The analysis shows that growth is the top factor influencing hiring decisions for 59% of employers in the finance industry.
However, two major firms have this week announced hiring intentions, with one expanding its branch network and one focusing on providing opportunities for those who have served the United States in the military.
Charles Schwab says that it is adding 16 new branches and expanding or relocating 25 existing locations to build out and expand its geographical footprint and intends to hire 400 new employees for branch-related roles. This will include financial consultants and wealth consultants to serve the needs of high-net-worth and ultra-high-net-worth clients.
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“We know that face-to-face relationships and support are invaluable to investors as thousands of clients visit our branches on a daily basis,” said Jeannie Bidner, head of Branch Network at Schwab. “While we continually enhance our award-winning digital platforms and see an increasing number of clients interact with us online and on mobile, our branch network is without a doubt a competitive differentiator for Schwab and a critical part of how we help clients build trusted relationships and achieve their financial goals.”
Schwab’s new branches will be in Florida, California, and Texas, but its hiring in corporate locations in these states along with Colorado and Nebraska is also buoyant. Having added 2,300 employees in the first half of the year, the firm is currently recruiting for roles such as client service, wealth management, digital innovation, and AI development.
Meanwhile, at Bank of America, new opportunities for US veterans is a key focus. The firm has announced a commitment to hire 10,000 people with a military background over the next five years.
BofA says it has hired more than 20,000 veterans and others with military backgrounds in the past decade as part of the its focus on providing opportunities for veterans transitioning to civilian life and new careers.
The bank also said it plans to increase its hiring from community colleges, committing to 8,000 new hires over the next five years, and create 700 financial center jobs in new growth markets across the country.
“Our commitment to hire individuals with a broad range of skills and experiences is key to how we recruit talent to best serve our clients,” said Sheri Bronstein, chief people officer at Bank of America. “It also opens doors to create economic growth in our communities and opportunities for our teammates as they advance in their careers.”
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