After the last two years saw thousands of jobs cut at major investment banks across Europe, reports are now showing some of the biggest have begun hiring traders and M&A bankers. Recruiters are reportedly their busiest since 2010 as Nomura, Citigroup Inc (NYSE:C), and Bank of America Corp (NYSE:BAC) are looking to add to their ranks since unemployment has leveled off and GDP has escaped recessionary levels.
While the data has been tepid, pointing to more of a stoppage in decline rather than serious growth, these banks are looking to add in the highest margin areas in lieu of across the board additions.
Several banks have scrapped the traditional summer hiring freeze to ensure they get the best talent, despite having to buy bankers out of this years’ bonus round.
But a number of banks are now beginning to expand in areas where they are making good returns, said Jon Terry, a partner at PwC. “We are not talking about thousands of staff but we are definitely seeing green shoots.”