After adding 10,000 employees in June, the U.S. Securities Industry is now 848,300 worker bees strong, higher than the March 2001 level of 840,900. This is a new all-time record, and June was the biggest single month gain in number of employees since June 2000.
Despite the record number of big winners trolling the Street, DealBook reports that with the credit crunch and arguable peak of PE/M&A deal bubble, many firms have frozen hiring. Is your firm one of them? Comment or send an email to tips at dealbreaker dot com. (There are even stirrings that...gasp...bonuses might not keep pace with last year if we've reached the peak of the current cycle.)
Banking jobs hit record high [Financial News via DealBook]
Posted by Joe, Jul 30, 2007 2:28PM
My Investment Banking group grew from 12 people in 1998 to 45 people in July of 2001, including hiring of 15 new people in the October 2000 recruiting cycle. By Feb of 2003, 8 people remained. Bank hiring is a lagging indicator, and generally a good contrarian sign of an impending top. No doubt a new class of fresh faced analysts and bankers are just finishing up training right now, ready to live the dream. Half of them will be fired by late 2009.