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Signs Of Optimism In Financial Job Market

By CityTownInfo.com Staff

June 16, 2009

Some signs of hiring and growth are being seen in the financial sector, even as many companies continue with job losses.

The Wall Street Journal reports that some firms that laid off too many workers are now hoping to take advantage of the large pool of available talent. Workers who are most in demand include those skilled in areas such as credit, refinancing, wealth management and restructuring.

"They're beginning to open their eyes and think more strategically in terms of hiring," said Deborah Markus, founder of Columbus Advisors LLC, a New York-based executive search firm. "There's much more of a positive mood."

Some of the companies currently searching for new hires include Wells Fargo & Co., J.P. Morgan Chase & Co. and TIAA-CREF. Among the positions that the companies are looking to fill are financial advisers, financial analysts and credit managers.

The news followed a cautiously optimistic report by Reuters last week which indicated that job losses in the financial sector were indeed slowing. Skiddy von Stade, chairman of OneWire.com, a finance industry hiring and career management tool, noted that boutique investment banking firms were beginning to hire.

Experts were not confident, however, that a major turnaround was on the way. "These types of economic events work in a U shape where there's a slow bottoming out, rather than a V shape where there's a sharp turnaround," explained Larry White, a professor of economics at New York University's Stern School of Business, who was quoted by Reuters. "We still have some ways to go."

Yet according to a recent survey conducted by OneWire.com, finance job seekers remain optimistic, with nearly three-quarters in the financial services sector expecting to be employed by the end of the year.

"This survey echoes much of the same sentiment that we are beginning to hear from our users," said von Stade in a press release [from an article originally located at http://www.earthtimes.org/articles/show/despite-downturn-finance-job-seekers-optimistic-about-career-prospects,855880.shtml]. "Job seekers in finance know that there is a tough road ahead and while there will certainly be challenges to overcome, they are confident and excited about their career prospects in this industry. At the same time, we are beginning to see finance firms start to turn up the dial on hiring and expect that trend to continue."

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