Tag: Jobs

50,000 jobs at stake as govt brings laws to regulate cryptocurrencies

Banking & Finance

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Employees of cryptocurrency companies in India are a worried lot as the fate of the industry hangs in the balance.

Vinshu Gupta, Founder and Director, Nonceblox Blockchain Studio said “It is easy to use privacy coins to launder money or use a crypto mixer to hide drug or blood money but crypto also employs over 50,000 people in India and has immense potential to push India as a true 21st century super power.”

“The crypto industry needs regulation but it should be inclusive. A taxation process like TDS where profits are taxed at withdrawal sources in India like exchanges is a good strategy to start. The more it becomes an open-ended ecosystem, the more value it will bring to the Indian economy,” he added.

Also read: Crypto prices stable in India as investors await details of new Bill

Cryptocurrencies have gained prominence ever since the RBI ban was lifted in March 2020. India now has 15 home-grown crypto currency exchange platforms, consisting of more than 10 crore investors. According to broker discovery and comparison platform BrokerChooser, the total number of crypto owners in India now stands at 10.07 crore, which puts it ahead of every other country in the world. US stands at second position with the number of crypto owners at 2.7 crore, followed by Russia (1.7 crore) and Nigeria (1.3 crore). In comparison, the number of stock investors registered with the BSE/NSE in India has risen to 7.4 crore at present while for mutual funds it stands at 11.4 crore. In terms of share of crypto investors as a percentage of the population, India stands at fifth position at 7.3 per cent trailing Ukraine (12.7 per cent), Russia (11.9 per cent), Kenya (8.5 per cent) and US (8.3 per cent).

Indian crypto investments cross $10 billion

According to crypto research and intelligence business CREBACO, Indian crypto investments have increased to over $10 billion from $0.9 billion in April 2020, as crypto markets touched all-time highs.

“Currently, the government is set to introduce ‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’ in the winter session of Parliament beginning 29 November for consideration and passing. The bill aims to create a facilitative framework for the creation of the official digital currency to be issued by the RBI. It also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses. Currently, there is a lot of uncertainty but the government is making efforts to soon put out proper regulation with regards to crypto investment as it is quickly getting widespread across India,” said Hemang Jani, Head – Equity Strategy, Broking & Distribution, Motilal Oswal Financial Services.

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Banking and finance firms on hiring spree across colleges, BFSI News, ET BFSI

Banking & Finance

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Top banking and financial services firms are on a hiring overdrive across the country’s leading undergraduate and engineering colleges and business schools on the back of growth across businesses and an increasing push for digitisation in a post-pandemic world.

Apart from jobs in finance, operations, treasury, risk, analytics, research, investment banking and corporate banking, the big focus this year is on technology roles, a post-covid phenomenon where organisations in the BFS space have begun placing much greater emphasis on the need to scale up their digital offerings.

Axis Bank plans to bring in 50% more campus hires than last year; Goldman Sachs’ India campus hiring for 2022 will increase by 27% with over 1,900 hires, including interns; for JP Morgan, the campus intake will go up by 23% for full-time analysts and 38% for interns. Others including Citi, Deutsche Bank and Mastercard are hiring aggressively as well, especially for digital skills.

“For 2022, our campus hires will increase by 43%, 24% and 6% across graduate colleges, engineering colleges and business schools, respectively. This is reflective of our growth across businesses and the availability of world-class talent in India,” says Deepika Banerjee, co-head of Goldman Sachs Services. A key element of the firm’s campus hiring strategy in India is to onboard talent through internship.

For JP Morgan, campus recruitment contributes significantly in meeting increased hiring numbers by bringing in entry-talent talent. “The increase this year is fuelled by growth in hiring requirement across all lines of businesses and primarily for technology and techno-functional roles,” said Gaurav Ahluwalia, head of HR, India Corporate Centers, JP Morgan.

“Citi is committed to staying ahead of digital transformation across geographies and our institutional and corporate banking businesses in India. Talent from India is key to supporting these focus areas,” says Aditya Mittal, interim CHRO for Citi India.

With India having cemented its status as a global technology hub, an additional factor driving the demand for talent is the continued flow of work from global corporations into their global service centres in India, says Madhavi Lall, head HR, Deutsche Bank India. They expect to onboard a few hundred graduates and interns from the class of 2022 from across target institutes.

“We are actively hiring for digital skills, which constitutes the majority of our intake, and we are seeing a fair level of competition for talent in this space,” adds Lall.

The intense competition for talent in this space is not just pushing up salaries, but most firms are adding new campuses this year to the existing ones to expand their hiring pipeline.

Axis Bank has added campuses both in its MBA and engineering hiring programmes as the acceleration of its digital agenda and the strategic transformation of the organisation have also been an impetus. “This year, we are doubling down and increasing our hiring. As we rebound from the pandemic, business demand for talent has increased across both core and new age skills,” says head-HR Rajkamal Vempati.

In the coming year, Mastercard plans to hire around 500 graduates from the batch of 2022 under the Launchers program to fill roles in software development engineering, data engineering, analytics consulting, artificial intelligence and other areas. Campuses such as IIM Ahmedabad are seeing a surge in the number of companies. During the recent summer placements, there was an uptick of 27% in the number of companies that offer investment banking, market research and asset & wealth management roles compared to last year, said Ankur Sinha, chairperson of the placement committee.



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Unions in IDBI Bank request it be re-classified as PSB

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Four unions in IDBI Bank have written to the Finance Minister requesting that the proposed sale of their bank to private players by the government and LIC of India be stopped and the bank be re-classified as a public sector bank.

This comes in the wake of the Department of Investment & Public Asset Management (DIPAM), on behalf of GoI, moving to engage legal advisor and transaction Advisor for facilitating/ assisting it in the process of strategic disinvestment of IDBI Bank along with transfer of management control.

The four unions — All India IDBI Officers’ Association, IDBI Officers’ Organisation, All India IDBI Employees’ Association and IDBI Karmachari Sangh — emphasised that all the staff had secured job in IDBI Bank through All India competitive exam.

“Many officers left their previous job with public sector banks and the Central government to join IDBI Bank,” per a joint statement.

Risk to employment

The unions feared that in case of sale of IDBI Bank to private players, as proposed by the government and LIC, the fate of around 17,000 families supported by direct employment and around 20,000 families supported by indirect employment with IDBI Bank will be at risk.

According to the statement, around 50 per cent of staff working in IDBI Bank under direct or indirect employment are female employees. More than 100 officers under direct employment are either physically challenged or visually impaired.

Serve the common man

AV Vithal Koteswara Rao, General Secretary, AIIDBIOA, underscored that IDBI Bank, being majority owned by LIC (promoter with management control) and GoI (co-promoter), is catering to the needs of the common man with zero balance Savings Bank accounts and offering aggressively various Government products and schemes.

So, if IDBI Bank is sold to a strategic buyer, various products and schemes of GoI which are meant for the common man and general public cannot be offered through a Bank owned by private entities, he added.

“India needs more government banks to improve financial inclusion parameters/aspects. Reduction in the number of government banks leads to less competition which is nothing but monopoly. This is totally against the interest of the common man and general public,” Rao said.

Possible amalgamation

He felt that the government should explore the possibility of amalgamation of IDBI Bank with either State Bank of India, Bank of India, Central Bank of India or Bank of Maharashtra so that the Government’s cause of financial inclusion, credit outreach to MSMEs and agriculture, and support to the ₹100-lakh crore ‘PM Gati Shakti Master Plan’ for developing holistic infrastructure is better served.

The Cabinet Committee on Economic Affairs had given its in-principle approval in May 2021 for strategic disinvestment along with transfer of management control in IDBI Bank.

The extent of respective shareholding to be divested by GoI and LIC shall be decided at the time of structuring of transaction in consultation with RBI, per a CCEA statement.

GoI and LIC together own more than 94 per cent of equity of IDBI Bank (GoI at 45.48 per cent, LIC at 49.24 per cent). LIC is currently the promoter of IDBI Bank with Management Control and GoI is the co-promoter.

The government intends to come out with expression of interest for strategic disinvestment of IDBI Bank by December.

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EPFO adds 14.81 lakh members in August

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The provisional payroll data of EPFO continued to show a growing trend consecutively for the last five months and added around 14.81 lakh net subscribers in August. The net subscriber addition has increased by 12.61 per cent as compared to July’s figures.

Out of the total 14.81 lakh net subscribers, around 9.19 lakh workers are new members of the EPFO. Around 5.62 lakh workers exited but rejoined the EPFO by changing jobs. Workers in the age-group of 22-25 years registered highest number of net enrolments with 4.03 lakh additions during August, the Union Labour Ministry claimed in a release.

“This is followed by age-group of 18-21 with around 3.25 lakh net enrolments. This indicates that many first-time job seekers are joining organised sector workforce in large numbers and have contributed around 49.18 per cent of total net subscriber additions in August,” the release added.

Establishments covered in Maharashtra, Haryana, Gujarat, Tamil Nadu and Karnataka added approximately 8.95 lakh subscribers during the month, which is around 60.45 per cent of total net payroll addition across all age groups.

The net addition of female workers has increased roughly by 10.18 per cent largely due to lower female member exits during August. Expert services’ category (consisting of manpower agencies, private security agencies and small contractors etc.) constitutes 39.91 per cent of total subscriber addition, the Ministry said.

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Study, BFSI News, ET BFSI

Banking & Finance

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US banks are expected to cut 200,000 jobs over the next decade as they strive to improve productivity and efficiency amid rising competition from fintech and non-bank financial institutions, according to a Well Fargo analyst.

Mike Mayo has predicted that US banks would cut 200,000 jobs, or 10% of employees, over the next decade, according to a report.

The Wells Fargo analyst has given a similar call in 2019 saying that technological efficiencies will result in the biggest reduction in headcount across the US banking industry in its history, with an estimated 200,000 job cuts over the next decade.

In the fresh call, he said, this will be the biggest reduction in U.S. bank headcount in history.

Low paying jobs at risk

Mayo said that low-paying jobs are most at risk, such as those in branches and call centres as banks adapt to the new realities following the coronavirus pandemic. He added that job cuts have been necessary as technology companies and non-bank lenders increasingly gained market share in the payment and lending business over the past years.

The analyst said, “If I was giving advice to my kids, I’d say you probably don’t want to go into the financial industry.” He noted that technology and customer or client-facing roles are probably the only areas that will see growth, emphasizing that “It’s likely to be a shrinking industry.”

“Digitisation accelerated and that played to the strength of some fintech and other tech providers,” Mayo said. Banks must become more productive to remain relevant. And that means more computers and less people, he said.

2019 report

The Wells Fargo study in 2019 has said that the $150 billion annually that the country’s finance firms are spending on tech — more than any other industry — will lead to lower costs, with employee compensation accounting for half of all bank expenses.

Back office, bank branch, call centre and corporate employees are being cut by about a fifth to a third, with jobs related to tech, sales, advising and consulting less affected, according to the study.

“It will be a dramatic change in contact centres, and these are both internal and external,” Michael Tang, a Deloitte partner who leads the consulting firm’s global financial-services innovation practice, said in an interview in the Wells Fargo report. “We’re already seeing signs of it with chatbots, and some people don’t even know that they’re chatting with an AI engine because they’re just answering questions.”

Wells Fargo’s Mayo joins bank executives, consulting firms and others in predicting huge cuts to the banking workforce amid the push toward automation. McKinsey & Co. said in May that it expects the headcount for front-office workers — the bankers and traders historically seen as among nance firms’ most valuable assets — to drop by almost a third with the rise of robots.

Front-office headcount for investment banking and trading fell for a fifth year in 2018, according to Coalition Development Ltd. data. R. Martin Chavez, an architect of Goldman Sachs Group Inc’s effort to transform itself with tech, had said last month that all traders will soon need coding skills to succeed on Wall Street.



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