Job listings data shows that banks are hiring again as 2019 rolls on
As Bloomberg reports today, despite the fact that over 800,000 jobs disappeared from Wall Street following the 2008 financial crisis, some banks are slowly adding jobs back.
According to job-listings data, this is indeed true, at least at some banks. Part of this has a lot to do with the fact that banks are now busy hiring data scientists and engineers, as we've reported in the past.
Somewhat similarly, Boston-based State Street ($NYSE:STT) laid off 1,500 employees earlier this year as part of what CEO Ronald O'Hanley called a move toward automation and a bank-wide "technology transformation". Job openings at the bank subsequently tumbled to their lowest levels. However, for the first time sine 2018, job openings at State Street saw their first increase, from 837 openings on March 31 to 914 by April 1.
Morgan Stanley ($NYSE:MS) is seeing an early 2019 job-opening renaissance as well, with openings moving from 1,210 in February to 1,470 last week. It, too, is doing some heavy hiring in the technology space, specifically for Java programmers.
Like State Street, UBS ($NYSE:UBS) job listings over time shows a slight tail moving in the upward direction. Openings hit a low of 1,230 last month, but as of last week are at 1,460.
It's not all uphill
Not all banks have fired up hiring in 2019, however. For instance, Goldman Sachs ($NYSE:GS) continues to slow hiring in 2019, as do Bank of America ($NYSE:BAC) and BNP Paribas ($EPA:BNP), after a slight increase from fall 2018 through early 2019.