Guess who is hiring?

[chinaco]

Looks like somebody is anticipating a recovery.



http://www.nytimes.com/2010/07/11/business/11rebound.html?hp

 

[Dawg52]

If I could get one of those 1 mil packages, I might think about coming out of retirement.

 

[brewer12345]

No surprise to me. There is a huge brain drain going on at my quasi-public employer as people are leaving in droves for the full-on private sector. They seem to mainly be going (back) to the financial industry, with some going to consulting firms.

 

[Sesq]

I thought this thread was going to be about the IRS (which is hiring also).

 

[Pete]

A lot of wall street firms went bye bye. I would hope the others are hiring some people to deal with the increase in business they should be seeing.

 

[dex]

Are these banks hiring people to trade their own accounts? I can understand the sales jobs - revenue generators. Many of the quotes are like the one below.


"Macquarie, an Australian investment bank, has also rapidly expanded, even taking over new floors in its Midtown Manhattan headquarters to accommodate new trading operations. One morning last week, long rows of traders there worked the phones and watched a multitude of screens, evoking the heady days before the Bear Stearns and Lehman Brothers downfalls. "

"Of 400 recent hires in the sales and trading unit at Morgan Stanley, for example, the bank says only 100 are traders."


It would be great if writers today would stick to the basics - who what, when, where, why, how much.
What I don't get from the article is who will the clients be - corporations, wealthy individuals or small investors. What info are the banks looking at that makes them positive on the economy?

 

[RonBoyd]

What I don't get from the article is who will the clients be - corporations, wealthy individuals or small investors. What info are the banks looking at that makes them positive on the economy?

Exactly the questions I had/have... particularly that last one.

 

[dex]

Exactly the questions I had/have... particularly that last one.

I think reporting these days comes down to: "Hey, look at that."

 

[jebmke]

“The offers are not near where they were in 2006, but there is still a war for talent,” he said. “Everyone thought the ice age had returned, but the thaw has come and we’re in catch-up mode.”

I think it was Jon Stewart who said "you have no best people!!"

 

[photoguy]

Looks like somebody is anticipating a recovery.

http://www.nytimes.com/2010/07/11/business/11rebound.html?hp

As another positive note, my entire group was recently laid off and almost everyone was able to find new positions (many people had multiple offers). Our backgrounds varied but we were all technical people (engineering, math, computer science, etc.) and most with advanced degrees. So jobs are definitely out there in some fields. Several got substantial raises and for one colleague it was as much as 30%.

 

[FUEGO]

DW's Wall Street I-bank employer has been hiring like crazy lately (they were mentioned in the OP's article). She's in the back office, not on Wall Street (or anywhere near New York for that matter). DW has roughly doubled the headcount in her group because they are so extremely busy right now.

They recently had a "densification" of their building. A building designed to hold 1000 now holds 1800. Yes, everyone is sharing a cube now. The company tried to send overseas some of their IT support services to a Latin American country, and that failed, so the IT support folks are now based in her office too. They have been hiring a lot of IT development folks too down here. Business is booming!

Where are the customers? Trading and investment banking is always going to be needed. A few places went up in smoke, they got some business from those guys. A few others don't have sterling reputations any more, so there's some more biz. Believe it or not, we are experiencing economic expansion and along with that comes trading activity, M&A, underwriting, etc.

 

[FinanceDude]

Looks like somebody is anticipating a recovery.
http://www.nytimes.com/2010/07/11/business/11rebound.html?hp

It is amazing how well the folks that got almost free taxpayer money are doing. It is easy for banks that got TARP funds to show profits. Still, there is NO credit to be had, yet they have "record profits". Traders and investment bankers and back office are always needed, and when market risk is removed, it helps........ Also,companies like GM get to show a nice profit since the taxpayers own over 60%, nothing like the Treasury to be your balance sheet backup..the "ultimate FDIC"...........