NPR logo Looking For A Job? Try Wall Street


Looking For A Job? Try Wall Street

More evidence that Wall Street is doing just fine: The finance industry added 6,800 jobs in New York City from the end of February through May, according to a report released Monday by the New York State Department of Labor.

The three-month increase is the largest since 2008, when the financial industry imploded. In the spring of last year, Wall Street cut 10,600 jobs.

In all, New York City had 429,000 financial jobs at the end of May. That's still down from a peak of 473,800 in 2007.

Five of the largest banks on Wall Street – Bank of America, JPMorgan, Goldman Sachs, Citigroup and Morgan Stanley – added staff this spring, Bloomberg News reports.

Many bankers are getting big raises to change companies. And top investment bankers and traders are also being promised guaranteed bonuses, with some pay packages as high as $8 million, Bloomberg says.

"When markets fell to hell in a handbasket, people were lucky to get a job with a base salary, and everything else would depend on their performance," the managing director of an executive search firm told Bloomberg. "As we start to see people being recruited from one firm to another, as opposed to being recruited from unemployment, the need to make some kind of guarantee is becoming more necessary."