Momentum for Debt Bankers, Traders
It's no secret that Wall Street's on a perpetual, some would say brutal, hunt for talent. One recruiter describes the job market as "candidate-driven," with candidates trying to "balance money, have fun and learn new job skills" all at the same time - and in this climate they're able to do it.
Earlier this week, MarketWatch's David Weidner published an article on how in some sectors, the job market has turned into a frenzy, with banks pushing so hard to lure favored candidates they're enticing people to move over the course of just weeks. David Viniar, Goldman Sachs's CFO, remarked recently that hiring experienced staffers is difficult because "there's a lot of competition out there."
Recruiters describe what feels like a perfect storm of demand and cash. A record $26 billion in bonuses was handed out at year-end and in the first quarter. That's in New York alone. And the growth of the $1.4 trillion hedge-fund business continues to challenge banks on the Street in their hunt for talented traders and managers.
Securities-industry employment rose to 804,000 at the end of 2006 after a third consecutive year of increases. The employment figure is just 4% shy of the all-time high set in 2000, according to the Securities Industry and Financial Markets Association.
The winners in all this are investment bankers and traders who specialize in leveraged debt. People who can structure collateralized debt obligations are needed to handle mortgage-backed and asset-backed securities, along with corporate and other debt. Equity and fixed-income traders aren't faring as well.
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