Thursday, December 10, 2009
Is Wall St Ready to Start Hiring?
Article by Matthew Maillet
Unemployment indicators tell us that company layoffs bottomed out in early 2009, which may give promise to the idea of finding a job in the business service sector. The Johnson Assosciate, a compensating consulting firm, announced that investment banks alone are expected to increase their workforce by 40% from its 2008 levels.
Companies responded to the economic downturn by cutting down on their workforce in specific company sectors that they deemed unprofitable, however, one can expect an increase in other business areas that they see as a source of company value. For example, Citigroup responded to their financial struggles by cutting down significantly on their total workforce; however, certain sectors such as capital markets and mortgage modification will soon be bulking up in new hires. Citigroup spokesman Alex Samuelson reported that they are still actively seeking to “hire the best financial advisors for our private wealth management.” This trend is expected to be industry-wide. This trend gives promise to entry level applicants fresh out of college. Focus on certain sectors that companies wish to expand. Even more promising, the Johnson Associates firm predicts substantial increases in bonuses for investment bank employees—they predict an average of 40% from 2008 levels.