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Lenders Hire as Consumers Boost Borrowing

A market strategist once told me to ignore consumer confidence studies – most consumers think they’re miserable anyway – and to look only at the data. He may have been right. Consumer confidence slumped recently, but new credit borrowing data says different. And that’s good news for jobs.

Lending to households, businesses, corporations and the government spiked during the final three months of 2012 – the biggest rise in five years, according to Bloomberg, citing the Federal Reserve’s Flow of Funds Report.

The recent rise in credit borrowing should have positive implications on hiring in related industries. “Brighter skies [are] ahead” for commercial bankers, mortgage and loan brokers, and credit-card issuers, among others, one analyst told Bloomberg.

Hiring is already starting to heat up. The number of people working in credit intermediation rose 1.7 percent in February, according to the Bureau of Labor Statistics.

Bank of America is leading the charge. Chief Executive Brian Moynihan said last week that the bank is adding personal bankers, mortgage loan officers and corporate bankers. Moynihan also said BofA would seek to hire more investment bankers. Other smaller lenders are also adding talent.

Keeping Mothers on Wall Street (eFinancialCareers)

Partner and managing director ranks at banks are still dominated by men. Part of the problem is that firms are losing mid-career women who leave the workforce to have children, only to never return. Here’s what banks are doing about it.

Taking One for the Team (Bloomberg)

Jefferies Group Chief Executive Richard Handler made waves last week for suing New York City over a construction site that blocks a sliver of his 360-degree panoramic view. He is now telling employees that he filed the suit on his neighbors’ behalf.

Twenty to Watch (eFinancialCareers)

These 20 finance firms have announced plans to hire tens – if not hundreds – of staff in the second quarter and throughout the remainder of 2013.

No Longer a Candidate, Clearly (WSJ)

Ronald Dewhurst, head of global investment managers at Legg Mason, is leaving the firm. Dewhurst was reportedly being considered to fill the permanent chief executive role currently being held by interim CEO Joseph Sullivan.

Homecoming (The Guardian)

Royal Bank of Scotland Chief Financial Officer Bruce Van Saun may be headed home. The American is being considered to run RBS Citizens, the Scottish bank’s U.S. subsidiary.

Fannie Fighting Back (NPR)

Fannie Mae reported an annual profit of $17.2 billion for 2012, an all-time record. The government-supported mortgage house is hiring, too. The firm shows 251 openings on its website.

Fond Farewell (Londonist)

The U.K. is saying goodbye to the Financial Services Authority (FSA) and welcoming in three new regulators – and their acronyms.

Buzz Around the Office

Not an April’s Fool’s Joke (ABC News)

If you ate one too many Easter chocolates, think about avoiding Samoa Air. The airline is now charging passengers based on their weight and that of their luggage.

List of the Day: Resume Spring Cleaning

No better time to refresh your resume than the beginning of spring. Here’s how to get started.

  1. Cut everything except the last 10-15 years of experience.
  2. Remove information that doesn’t represent your current value.
  3. Add new metrics or accomplishments.

(Source: The Daily Muse)

AUTHORBeecher Tuttle US Editor

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