By Shelly Hagan
(Bloomberg) -- Demand for bankers and monetary providers staff seems to be waning following a wave of cutbacks in the beginning of the yr. However just a few cities are bucking the pattern with double-digit development in finance employment alternatives.
In Richmond, Virginia, finance job openings grew 31.three p.c in April from the identical interval final yr, in accordance with information from Glassdoor. That’s regardless of a nationwide decline for the business -- finance job openings dropped in 80 p.c of the highest 50 metros tracked by the careers web site.
Richmond’s proximity to McLean, Virginia, the place Capital One is positioned, might be one issue behind the expansion in accordance with Glassdoor economist Daniel Zhao. "There’s a number of expertise transferring forwards and backwards from Richmond and McLean.”
Shifting From Manhattan
Main finance hubs New York, Chicago and Boston all noticed declines of greater than 15 p.c. Practically the entire metros with beneficial properties are positioned away from the coastal hubs and in decrease price areas. That is in-line with the broader pattern of corporations transferring some operations to decrease price cities in an effort to chop bills.
In recent times, Goldman Sachs constructed out operations in Salt Lake Metropolis and Deutsche Financial institution expanded to Jacksonville, Florida. Simply final yr, AllianceBernstein introduced it was transferring headquarters from Manhattan to Nashville, Tennessee.
The nationwide slowdown in hiring is in step with broader traits within the labor market. The newest report from the Bureau of Labor Statistics confirmed a lower in job openings in February, indicating a leisure within the tight labor market.
For the reason that authorities information comes out at an almost two-month lag, Zhao mentioned on-line job information from Glassdoor is ready to present a real-time take a look at the labor market.
Glassdoor shall be launching a month-to-month report on job development and job pay throughout business and metro areas beginning April 30 on their web site.
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