The continued impact of the regional banking crisis, Market moves & Mental health awareness month
In this week's Hanover Talent Insights:
?? The continued impact of the regional banking crisis
?? Market moves & transactions digest
?? Mental health awareness month
A year on: What does the regional banking crisis mean for financial services?
In the spring of 2023, the financial services (FS) sector was rocked when three regional banks collapsed: Silicon Valley Bank (SVB), Signature Bank and First Republic Bank. Battering the banking sector, fears of a financial contagion spread, making it the biggest banking failure since the Washington Mutual Bank in 2008.
Today, the question on everyone’s mind is: has the 2023 US regional banking crisis finally come to an end?
While the recent earnings report of three major banks, as well as warnings from the IMF (International Monetary Fund), shows that the ramifications of last year’s crisis are still being felt, there is also a host of new opportunities that have emerged from the fallout.
Despite the gloom, banks are in a great position to capitalize on the top-tier talent and hordes of displaced customers that the 2023 crisis created.?
How the 2023 banking crisis creates new opportunities in the talent landscape
The consequences of the 2023 regional banking crisis was felt profoundly by banking talent, who found themselves tackling unprecedented challenges.
As banks faced financial uncertainty, many had to downsize their workforce. A year later, they continue to tighten their belts, with the US’s biggest banks having just laid off over 17,000 employees . Compounded by less hiring activity, we’re now seeing waves of amazing talent that need a new home, but can’t seem to secure one.?
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This deluge of experienced, skilled workers looking for a place to go presents exciting possibilities for banks to attract the crème de la crème of FS talent. Seizing this opportunity could be the guiding star that helps banks weather the storm, flex to new demand and come out on top.
Ignoring this surge of opportunistic hires could leave banks at a disadvantage when the landscape finally restores itself and the talent shortage worsens. I view tapping into this pool of talent a strategic imperative for future proofing your business within a turbulent industry.
Market Moves & Transactions Digest
If you are interested in receiving our latest copy of the digest to update you on the various market moves & transactions in the INSURANCE, PENSIONS and INVESTMENTS sectors please do get in contact with our Managing Partner, Rob Bulpitt - [email protected]
Since 1949, Mental Health Awareness Month has been pivotal in addressing the challenges faced by millions of people living with mental health conditions. The National Alliance on Mental Illness (NAMI) actively combats stigma, extends support, fosters public education, and advocates for policies prioritizing the well-being of individuals and families affected by mental illness.
Our mental health journey starts with a single moment. In honour of Mental Health Awareness Month, some of our employees have shared how they prioritize their mental health.
Together, let’s help break the stigma by embracing understanding, spreading compassion, and continuing to spark conversations that foster a community of empathy.
How will you take a moment to prioritize your mental health?