MBA News: “Wall Street Hiring in Anticipation of a Recovery”

Aspiring MBAs can potentially breathe a sigh of relief — a front page article in today’s NYT tells the story of a shift in Wall Street hiring practices. Since New York securities firms “bottomed out” in February (having shed 28,000 positions from the industry’s 2008 peak), 2,000 jobs have been added, mostly at the larger investment banks (Goldman Sachs added 600 jobs in the first quarter, JP Morgan hired 2000+ since Jan. 1, Deutsche Bank hired 414 people — including 98 Directors). Executive recruiters are reporting that firms are hiring in anticipation of better times ahead and thus have a need to get talent while the market is less competitive. Graduates and aspiring MBAs will no doubt be excited by the increased hiring and the New York Times callout, “Big Paychecks Return.”