Wall St. forecast: Job growth
Among traders, brokers, and analysts, hiring is beginning to creep up.
September 29, 2003: 7:22 PM EDT
By Les Christie, CNN/Money Contributing Writer
New York (CNN/Money) - Don't look now, but jobs may be returning to Wall Street.
After a multi-year slump that saw the elimination of more than 50,000 financial services jobs, experts say the industry is rebounding.
Rising stock prices and higher trading volumes have led to some of the best earnings performances at financial services firms in two years. Now, those companies are beginning to think about adding staff instead of cutting it.
"The weeding out process is over," said Rick Peterson, founder of Rick Peterson & Associates, a Houston-based recruiting firm. "Most of the office closings are behind us. Unemployment has hit bottom and job recovery will only gain momentum in the months ahead."
What's more, says Peterson, three years of layoffs have created an "empty desk syndrome" at brokerage houses. With the market's upsurge there's pressure to put some people back in those seats.
In June and July of this year, Wall Street firms hired more than 8,000 new financial workers, about one percent of total industry employment. And while preliminary figures from the Bureau of Labor Statistics showed a slight dip in August, many are predicting the expansion to resume.
"It's very early in the trend, but we expect it to accelerate
money.cnn.com |
