Finance-related jobs in the U.S. remain in demand as leading global banks and financial institutions are on a hiring spree. The tech industry has seen large-scale layoffs since 2022 as giants cut staff to remain afloat. Technology giants like Amazon, Meta, and Google’s parent company Alphabet reduced their workforce after the COVID-19 lockdowns.
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However, the opposite is occurring in the U.S. finance sector as high-paying jobs are in demand after the COVID-19 era. Nine of the Fortune 25 financial firms have been hiring in the last two years, including top and mid-level jobs. This includes companies such as Macquarie Group, Morgan Stanley, JPMorgan Chase & Co., and Goldman Sachs, among others.
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Technology Jobs Dip in the U.S., Finance-based Hiring on the Rise
The market’s quick recovery after the COVID-19 lockdowns is the reason why finance-related jobs are experiencing a boom in the U.S. Tech giants lost billions as the lockdowns also coincided with the development of the Metaverse. Facebook’s parent company Meta invested billions to build a Metaverse only to abandon the project leading to job cuts.
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Several other top players in tech faced a similar fate as the hype for the Metaverse segment fizzled out. While tech has cooled down on hiring, finance companies are offering high pay to fill in talents. Read here to know which states in the U.S. have the highest job openings and the top pay scale.
The involvement of financial institutions in the Bitcoin ETF sphere is also a reason why jobs are in demand. “The industry rapidly evolves according to the needs of clients, regulators, and stakeholders,” said Macquarie Group’s Manish Desai.
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“They operate at the core of commercial and development activities, enabling economic growth and expansion. These enterprises aid job creation, capital market development, risk management, attracting FDIs and access to international trade and credit systems,” said Shincy Morris, Business Head of Direct Hiring at XPheno.