US Banks Hiring Again After Layoffs, Bailouts

But headhunting 'selective,' notes banker
By Matt Cantor,  Newser User
Posted Aug 11, 2009 7:25 AM CDT
In this April 17, 2009 file photo, a sign at the Citigroup Center is seen in New York.   (AP Photo/Mark Lennihan, FILE)
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(Newser) – After cutting thousands of jobs over the past two years, American banks are rushing to fill them again as business picks up, Reuters reports. “Back in March and April, no one really knew if the investment banking business was going to exist again," said a search firm exec. "The world has changed dramatically in the last four to five months and now banks are hiring."

That includes Bank of America and Citigroup, which each owe the government $45 billion; they're said to be playing catch-up after smaller banks, which didn't take bailout funds, nabbed talent in the first quarter. Still, headhunters say hiring probably won’t match 2007 levels this year, and many of the jobs are going to employees of other banks that weathered the financial crisis. “This is not a wave of hiring—this is very selective,” said an official at one bank.