Wall Street Financial Hiring Getting Back On Track

Jun 28, 2010

Financial services search professionals are seeing an uptick in business, as Wall Street reports a return to hiring to replenish a diminished workforce. This adds to the list of industries that are starting to climb their way out of the recession. According to a Businessweek article this morning, “[financial] firms are adding jobs for the first time in two years, rebuilding businesses cut during the financial crisis and offering guaranteed payouts to lure top bankers.” Five big Wall Street players — Bank of America Corp., JPMorgan Chase & Co., Citigroup, Goldman Sachs Group Inc. and Morgan Stanley — reported to have added significant head-count in the first quarter of this year. The attractiveness of these jobs is due largely to guaranteed bonuses, which are bonuses paid regardless of an employee’s or the company’s performance. This practice is being brought back as firms are returning to recruiting individuals from their competitors and not just recruiting professionals out of unemployment.

Additionally, Wall Street firms are also looking to hire more college graduates this year. Securities Industry News shares that “75% of Wall Street firms plan to hire an increased number of college graduates in 2010”, according to a survey conducted by 7city Learning. Last month, a Training The Street survey revealed that MBA graduates are being aggressively pursued, finding that “69% of respondents [business school students at the top 25 MBA programs] received an internship and/or job offer, and 39% have received more than one offer.”

For search professionals, this is good news as entry-level as well as experienced professional needs increase while internal recruiting teams are feeling the pressure to bring on new talent with a lean workforce.

For those of you who work in the financial services industry, have you noticed an increase in your clients’ needs recently? Are these findings indicative of your workload? Share your thoughts and experiences in the comments below.

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