Resumption of hiring on Wall Street

At the spot where the financial crisis began, the recovery is apparent. Wall Street hiring like crazy in anticipation of better days, according to a study published this weekend by the New York Times.

Nearly two years after the fall of Lehman Brothers and plunging into the worst recession the country since the Great Depression, while the U.S. continues to languish with a persistent unemployment rate to 9.5%, the financial heart of New York recovers to beat him.

It has hired 2,000 people since February. A modest number apparently under the rescue plan 700 billion implemented by the government to save the banks, and 28,000 jobs lost on Wall Street since its peak in 2008 when the industry employed 189 000.

If the sector has hit bottom in terms of job five months ago, hiring is divided since.The pace continues to accelerate, and this recovery is even stronger than the one after the stock market crisis of 2001-2003, according to the New York daily.

This improvement reflects the revival of the New York Stock Exchange, which has made 61.4 billion dollars in profits in 2009, a record high. Deutsche Bank has hired 414 people in New York since the beginning of the year, Credit Suisse hired 600 people in the first quarter worldwide, mostly in New York, Goldman Sachs has created 600 jobs in the first quarter in a global the beginning of the year 2000 and JP Morgan.

Return of the lavish bonuses

At the same time, the copious bonus reappear instant credit report. Despite the recent passage of financial reform, Wall Street returned to "business as usual".Richard Stein, president of Sage Global headhunter, says that a dozen golden boys were offered jobs to more than one million dollars annually.

As jobs continue to disappear or progress to sentences in other sectors such as construction (- 22% since June 2008) or manufacturing (- 14%), the reputation of Wall Street is not close to s' improve nationally.

The recovery of the financial New York nevertheless raises some optimism among economists. When Wall Street goes, America goes well. "Wall Street traditionally hired for a takeover, and it was felt that the economy has hit bottom and it is slowly improving," says Rae Rosen cautiously, an economist at the Federal Reserve of New York .

The health of Wall Street is also great news for the city and the state of New York.20% of tax revenues from the state sector, which contributes 12% of the budget of the city. With wages assumed to average 392,000 dollars a year, against 64,000 for the rest of the workforce in New York, the wealth generated on Wall Street will finance a bloated public sector, with hundreds of thousands of employees in administration of the city, in education and in firefighters …

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