Global hiring squeeze: Banks forced to loosen the purse strings to retain talent

Global hiring squeeze: Banks forced to loosen the purse strings to retain talent

Even banks like Goldman Sachs Group Inc and Bank of America Corp are reportedly having to offer perks such as higher pay and bonuses to attract and retain talent as the economy is recovering and people are willing to switch.





January 18, 2022 / 08:07 PM IST





Representative image.



Banks across the world are facing a talent squeeze. The cutthroat competition to hire talent is forcing banks to pay more to recruit and retain. Both Citigroup Inc, which has hired 5,500 young employees for its Asia business over the past two years, and JPMorgan Chase & Co have said that they are having to pay competitively for top hires.

According to a Bloomberg report, Citigroup and Citi Foundation have invested over $24.5 million since 2020 to fund 49 youth employment programmes. They have further pledged to commit another $35 million to advance economic opportunities and employability for youth from the region by 2023.

Even banks like Goldman Sachs Group Inc and Bank of America Corp have been directing more funds and resources to comply with social and governance objectives. They are reportedly having to offer perks such as higher pay and bonuses to attract and retain talent