Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Wall Street Hiring Again; Other Sectors Should Follow


Bank of America, JPMorgan, Goldman Sachs, Citigroup, and Morgan Stanley all increased their headcount in the first quarter, paying 30% to 40% more than what employees are expected to make.

Good news for job seekers; being a banker is back in vogue as Wall Street is hiring again.
Bloomberg is reporting that Wall Street firms are adding jobs for the first time in two years. Investment banks are rebuilding businesses that were cut during the financial crisis and are even offering guaranteed payouts to lure top bankers.

Big banks such as Citigroup (C) and Morgan Stanley (MS) are trying to replenish their ranks while companies like Nomura and Jefferies (JEF) are luring top talents to take on the larger banks. The New York State Department of Labor says that 6,800 finance jobs were added in New York City from the end of February through May. This was the largest three-month increase since 2008.

Bank of America (BAC), JPMorgan (JPM), Goldman Sachs (GS), Citigroup, and Morgan Stanley all increased their total headcount in the first quarter of 2010. According to Bloomberg, these banks are paying 30% to 40% more than what employees are expected to make. Because of strong demand for top talent, investment bankers and traders are getting generous compensation packages that include guaranteed bonuses. The two fastest growing areas are equity derivatives and commodities trading. These firms are also adding private bankers who give investment advice to wealthy clients.

There's no way around it, this is bullish news. Wall Street doesn't go on a hiring binge if it sees a serious double-dip recession coming. Over the next six months, as fears over a European-led debt slowdown start to subside, expect to see other industries following Wall Street's lead.
< Previous
  • 1
Next >
No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

Featured Videos