Summary Box: Wall Street banks ramping up hiring as profits rebound

By AP
Wednesday, April 14, 2010

Summary Box: Wall Street firms slowly hiring again

FINANCIAL HELP WANTED: Wall Street banks are slowly hiring again, dangling big bonuses to attract top talent 18 months after the industry began its biggest downsizing since the Great Depression.

STIFF COMPETITION: Not everyone is finding jobs. Those most in demand include traders of exotic financial products known as derivatives and risk managers in charge of making sure banks don’t bet too much of their own capital.

TAX BOOST: The hiring upturn is good news for New York’s starved coffers. Wall Street layoffs cost billions in lost tax revenue for both New York City and the state.

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