Wall Street Job Market Sees a New Boom

Wall Street has experienced two big waves of layoffs after the financial crisis started in 2008. Finally in the beginning of 2010 Wall Street firms resumed their normal recruitment. To get new talents, every financial institution has offered protected bonuses and many other tempting conditions. Some banks even gave up offers such as eight million dollar per year salary to get these talents.

According to statistics from New York State Depart of Labor, New York City had welcome 6800 new employees between March and May 2010, a new high in two years. Morgan Stanley, Citigroup and other Wall Street top financial firms began to fill their opening by giving out generous offers. Companies such as Nomura Holdings and Jefferies group are also active in luring these talents to work for them.

With financial firms eager to get talents, almost every financial industry applicants received multiple acceptances. So firms have to act fast and decisively to obtain the talents they want. In 2010, Wall Street has basically returned to normalcy and gotten back on track. In addition, the U.S. government has finalized the final version of the financial reform. Within this fairly good and stable financial environment, the financial industry has returned to its normal recruitment. In the first quarter of 2010, the Top Five investment banks, including Bank of America, JP Morgan Chase, Citigroup, are expanding personnel, the first time since early 2009.

Morgan Stanley has added over 400 bossiness and trading personnel over the past year. In the first quarter of 2010 the total employees of Morgan Stanley had exceeded 62 thousand, making the company's record high. On the other hand, Goldman Sachs added 600 employees in the first quarter and its total employees reach 33 thousand. While Jefferies added over 25% employees over the past two years, the most among all Wall Street firms.

With the recruitment of talents becoming fiercer and fiercer on Wall Street, every top financial firm is willing to give up big bucks to get these talents. The financial job market used to be flooded by college graduates. However, the financial job market today has seen more and more experienced people looking to transfer for better jobs. Thus employers are willing to pay more to obtain these people. With the economy and the financial industry returning to normalcy, the financial job market will most likely see a new boom for the next several years.