While profitability, poaching and lavish pay packages are back in style on Wall Street, many professionals remain out of work. So is the glass half full or half empty? Reuters opts for the latter, in a lengthy story describing what it calls "the Street's jobless recovery."
To paraphrase an old saying, a jobless recovery is when the guy who was laid off along with you gets a new job before you do.
Although the New York State Comptroller's office estimates Wall Street bonuses within New York City rose 17 percent in 2009 to $20.3 billion, "the big paydays have not translated into bigger payrolls," Reuters says. It cites a recruiter's remark that "there are still a lot of people displaced."
Still, the newswire sees opportunities for people "who can instantly enhance profits," for wealth managers in retail brokerage outfits including Morgan Stanley Smith Barney and Bank of America Merrill Lynch, and for new college graduates.
A separate Reuters story claims the fixed-income trading boom that pumped up Wall Street profits in the first half of last year is still sparking hiring of traders - even after weaker fourth-quarter trading activity weighed on profits at several big institutions. Go figure.
The Street's Jobless Recovery [Reuters]
Fixed Income a Hot Area In Slow Jobs Recovery [Reuters]
Wall St. Bailout Eases New York's Downturn [NY Times]
How Much Damage Did The Wall Street Journal Just Do To Hedge Funds? [ClusterStock]
U.S. Said to Tell Hedge Funds to Save Euro Records [Bloomberg News]
Looming probe of whether funds conspired to drive down currency is latest spur for sector to hire more compliance pros.
SEC, IRS To Work Closely On Muni Bonds [AP, via BusinessWeek]
Another positive signal for compliance hiring - in an arena where compliance has been conspicuous by absence.
Firms Move Gingerly to Rescind Salary Cuts [WSJ]