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.
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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.”