New York May be Recovering, But Finding Work Is Still a Slog
More on the story of New York's recovery:
Yes, the city's economy is looking better. And some banks are even handing out bonuses early. But if you're looking for work in a top bank, don't exhale just yet. While some firms, such as Nomura, have added headcount and plan to add more, others like Barclays Capital are still in cutback mode. At the same time, areas such as M&A, hedge funds and prop trading continue to see-saw in uncertainty.
Nevertheless, the latest numbers and anecdotal evidence suggests that the local economy is inching back to growth. Marcia Van Wagner, the city's assistant comptroller for budget, says the city has been stabilizing for the past six months. "If there's no major shock, I think we're going to have a slow, relatively steady recovery," she says.
And here's a good sign: Lavish spending is back in vogue.
After all, it can't be that bad if the 25 "most-coveted restaurants" in the city are "doing an incredible amount of business," as one restaurant expert says.