Demand for bankers and financial services workers appears to be waning following a wave of cutbacks at the start of the year. But a few cities are bucking the trend with double-digit growth in finance employment opportunities.
In Richmond, Virginia, finance job openings grew 31.3 percent in April from the same period last year, according to data from Glassdoor’s Job Market Report. That’s despite a nationwide decline for the industry — finance job openings dropped in eighty percent of the top fifty metros tracked by the careers website.
Richmond’s proximity to McLean, Virginia, where Capital One is located, could be one factor behind the growth according to Glassdoor economist Daniel Zhao. “There’s a lot of talent moving back and forth from Richmond and McLean.”
Moving From Manhattan
Major finance hubs New York, Chicago and Boston all saw declines of more than fifteen percent. Nearly all of the metros with gains are located away from the coastal hubs and in lower cost areas. This is in-line with the broader trend of firms moving some operations to lower cost cities in an effort to cut expenses.
In recent years, Goldman Sachs built out operations in Salt Lake City and Deutsche Bank expanded to Jacksonville, Florida. Just last year, AllianceBernstein announced it was moving headquarters from Manhattan to Nashville, Tennessee.
The nationwide slowdown in hiring is consistent with broader trends in the labor market. The most recent report from the Bureau of Labor Statistics showed a decrease in job openings in February, indicating a relaxation in the tight labor market.
Since the government data comes out at a nearly two-month lag, Zhao said online job data from Glassdoor is able to provide a real-time look at the labor market.
Glassdoor will be launching a monthly report on job growth and job pay across industry and metro areas starting April 30 on their website.