Tag: banking jobs

Hiring in banks up 25% to cater to rising loan demand, BFSI News, ET BFSI

Banking & Finance

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Banks are stepping up hiring to cater to the growing demand for home loans. Hiring has gone up 22-25% in the last few months across urban and rural markets as demand for home loans has surged, according to various reports.

About 90 per cent of the requirement is in the sales function, with starting salaries of Rs 15,000 to Rs 20,000, along with incentives. Hiring is across the board at NBFCs, small finance banks and non-banking finance companies, and hiring costs are rising as employees are shifting jobs within the sector.

NBFCs

Shriram Group is hiring 5,000 across its many companies, while ICICI Home Finance is looking to onboard 600 employees by December.

The Shriram Group is recruiting mainly in south and north India, across tier 3-4 cities. Shriram City Union Finance is expanding its gold loan business,

while Shriram Housing Finance is expanding primarily in Andhra Pradesh and Telangana.

Banks

HDFC Bank is aiming to reach 200,000 villages in the next 24 months, and plans to hire more than 2,500 people in the next six months.

The bank aims to double its presence in the next 18-24 months through a combination of branch network, business correspondents, business facilitators, CSC (common service centres) partners, virtual relationship management and digital outreach platforms.

The bank will hire 500 relationship managers to expand the coverage of its Micro, Small and Medium Enterprises (MSME) vertical to 575 districts or more by the end of this fiscal. Out of these, half will be for the small and medium sub-vertical, which already has a headcount of 975. This hiring will take the private bank’s MSME vertical headcount to 2,500. India’s largest private sector lender had an employee strength of around 1.23 lakh as of June.

Credit Suisse has plans to hire over 1,000 staff in India this year for a technology innovation office, while Deutsche Bank is looking to hire 1,000 people in India, including 300 graduates and 700 lateral hires. Meanwhile, Kotak Mahindra Bank has resumed its hiring process, and has reached near pre-Covid levels.

Data analysts

From banking to FinTech companies, data analysts are in demand. These companies are looking for professionals who can handle data using technology and glean relevant information from it.

FinTechs are also beefing up marketing and sales teams and are looking beyond commerce and engineering backgrounds with a background in data analysis, artificial intelligence and exceptional soft skills. They are looking to pay higher salaries who have Big Data, advanced analytics and financial skills.



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Banks, NBFCs, FinTechs hire as economic revival strengthens, BFSI News, ET BFSI

Banking & Finance

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Banks and non-banking finance companies are stepping up on hiring plans in anticipation of growth in the economy and improve their digital footprint. Some banks intend to step up hiring by 30-35% over the last year.

HDFC Bank ramp-up

Private lender HDFC Bank, which aims to reach 200,000 villages in the next 24 months, has plans to hire more than 2,500 people in the next six months,

The bank aims to double its presence in the next 18-24 months through a combination of branch network , business correspondents, business facilitators, CSC (common service centres) partners, virtual relationship management and digital outreach platforms.

HDFC Bank will hire 500 relationship managers to expand the coverage of its Micro, Small and Medium Enterprises (MSME) vertical to 575 districts or more by the end of this fiscal. Out of these 500 recruits, half will be for the small and medium sub-vertical, which already has a headcount of 975. This hiring will take the private bank’s MSME vertical headcount to 2,500. India’s largest private sector lender has an employee strength of around 1.23 lakh as of June end.

NBFCs hiring

Shriram Group is hiring 5,000 across its many companies. ICICI Home Finance is looking to onboard 600 employees by December while Kotak Mahindra Bank, too, has resumed hiring closer to pre-Covid levels.

The Shriram Group is recruiting mainly in the south and north India, across tier 3-4 cities. Shriram City Union Finance is expanding its gold loan business,

while Shriram Housing Finance is expanding primarily in Andhra Pradesh and Telangana.

Credit Suisse has plans to hire over 1,000 staff in India this year for a technology innovation office. Deutsche Bank is hiring 1,000 people in India, including 300 graduates and 700 lateral hires.

FinTech hiring

From banking to FinTech, companies are looking to hire with the biggest demand for data analysts, who can handle data using technology and glean relevant information from it.

The FinTech firms are also beefing up marketing and sales teams and are looking beyond commerce and engineering backgrounds with a background in data analysis, artificial intelligence and exceptional soft skills. They are looking to pay higher salaries who have Big Data, advanced analytics and financial skills.



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Wells Fargo report, BFSI News, ET BFSI

Banking & Finance

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The financial sector accounts for 19% of the country’s GDP, up from 13% in 2000.

As banks bet more on digital banking, nearly 100,000 positions in US banks are at stake and could vanish over the next five years, a report by Wells Fargo said.

Large US banks are investing more in digital banking and other technologies, which could vanish roles of branch managers, call center employees and tellers, leading to massive job cuts in the sector.

Disappearance of such jobs could be drawn parallel with the massive contraction in manufacturing work in the 1980s and ’90s, according to the report.

“Our conclusion is still that this will be the biggest reduction in US bank headcount in history,” the analysts wrote, with job cuts accelerating once the economy fully recovers from the COVID-19 pandemic.

These roles are predicted to be replaced by artificial intelligence, cloud computing and robots. These technological advances are set to perform daily banking functions like taking payments, approving loans and detecting fraud, the report said.

“Branches will likely show a decline, especially given greater digital banking adoption during the pandemic. Many branches that were closed during the pandemic will likely remain closed permanently [and] new future mergers will likely reduce branches, too,” the report said.

The financial sector accounts for 19% of the country’s GDP, up from 13% in 2000. Since the 2008 financial crisis, big banks have continued to witness larger growth. However, between 2007 and 2018, rapid automation in the sector led the country’s four largest banks to reduce staff by a combined 3,00,000 positions.



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