Sunday, July 18, 2010
Job opportunities are looking up these days…if you’re a broker or investment banker. While most American industries continue to offer little in the way of new employment, Wall Street is hiring.
New York securities firms have added nearly 2,000 jobs since February, and some of the biggest financial institutions have been boosting their payrolls. These include Goldman Sachs, which added 600 jobs worldwide earlier this year; JPMorgan’s investment bank, which has hired about 2,000 people overall in 2010; Credit Suisse’s investment bank, which filled 600 positions in the first quarter; and Deutsche Bank, which has hired 414 people in New York so far this year.
Some experts believe the hiring trend on Wall Street portends better times for the U.S. economy. “I think we’re seeing some hiring in anticipation of better times,” Rae Rosen, a regional economist at the Federal Reserve Bank of New York, told The New York Times. “Wall Street typically hires in anticipation of the recovery, and there is a sense that the economy has bottomed out and is slowly improving.”
Outside Wall Street, many Americans are not so enthused. With the unemployment rate stuck well above 9%, there are fears that we may see a “jobless recovery.”
-Noel Brinkerhoff
Wall St. Hiring in Anticipation of an Economic Recovery (by Nelson Schwartz, New York Times)
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