Wall Street Hiring Is Ramping Up

Are the good times returning to the Street? It might be too early to celebrate, but at least hiring is picking up in a big way. Almost 7,000 banking jobs were added in New York alone from February through May, and candidates are now facing multiple offers - something we haven't seen in significant numbers since 2008.

It looks like banks were holding back on hiring because they weren't sure how tough the financial regulation would end up being. Now that the feds have put forward a largely impotent regulatory package, it's game on for Wall Street recruiters.


"Candidates are now getting multiple offers, and companies risk losing their desired candidates if they don't act quickly enough - and that's a real change," said Constance Melrose, managing director of eFinancialCareers, which has seen a 75 percent rise in investment banking jobs posted on its website from a year earlier.

And it's not just analyst monkeys who are benefiting. Headhunters are working overtime to poach talent from one bank to another, with UBS and Nomura reportedly offering 7-figure guarantees to more senior guys. It's starting to look like the worst is over, at least for now.

 

^^^ Yeah 7,000 jobs is a drop in the bucket. I've noticed a rise in hiring too but I imagine for every opening there are a hundred guys trying to fill it.

It's like the Paris Hilton sex tape all over again--just brutal.

Plus, how many fresh grads are trying to get into Wall Street this year? 50,000? The most recent unemployment numbers have shown some slight improvement, down .2% but that's only because 600,000 workers have just given up. If the numbers reflected that, we would be at 10.1% unemployment or more.

 

Those numbers aren't fooling me. Just because EFinancial posts openings doesn't mean those positions are being filled. I've seen alot of positions on Efinancial reappear with different wording: M&A in London -> Mergers and Acquisitions in the UK, etc.
Everytime we hold interviews for Client Service or IT there are maybe 30 people who make it through to interviews bc there are just that many talented people out of work. If trimming the fat still leaves you with 30 people, that is not a good sign.

 

There's a massive reshuffle in Europe going on in the last weeks. Just in the last 3 weeks, 5 seniors left my floor and 8 joined from other banks, and I hear that the same is going on everywhere. Although I must say: I don't know whether this is agressive poaching from both sides, or just my bank trying to desperately fill the understaffed regional branch floor given agressive poaching from the competitors.

 

I am not in the market, so its tough to confirm this for sure, but the number of calls I am getting from headhunters these days has soared. I get at least 3 calls a week, which is remarkable since I tell them all to F off and please not call my work line.

I work in an area that is a very popular buzzword these days though. Not sure if my experience is true across other areas.

 

263 applications I've put in for NYC, Chicago, LA, London, Boston, and San Francisco in the past week and a half. Of the 11 firms I heard back from 9 said they're not hiring, 1 said I don't have the qualifications, and 1 said they open up applications for graduates in September. I'm a finance major graduating in May, 2011

 

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