Bull Bear Report Dec 23 2009

A Look at 2010 Hiring Plans

By laura lorber

A number of hiring drives are ramping up at financial-services firms as plans for strategic growth move forward.

Companies are setting in motion new plans as they continue to recover from the credit crisis and put behind them the job cuts and layoff announcements that marked 2008/2009.

Here is a sampling of some of the hiring campaigns already in the works.

-- JP Morgan plans on hiring 1,200 new branch-based loan officers and 325 small-business bankers. And over the next several years, it expects to add 100 or more middle-market bankers. Meantime, its retail brokerage Bear Stearns Private Client Services plans to recruit about 600 brokers.

-- The Internal Revenue Service has begun a hiring drive to fill nearly 800 positions for its effort to investigate offshore accounts and small multinational companies at its new office on wealthy individuals.

-- The FDIC has a push to sign on more than 1,600 employees, including temporary workers, in the next year.

-- Credit Suisse anticipates hiring 200 for its wealth-management unit.

-- MassMutual is set to keep up its pace of hiring 300 to 400 people a year.

-- Nomura Holdings Inc. is planning to add 300 employees to its work force in the Americas, by the end of March and expand its product lineup, particularly in bonds.

-- Daiwa, Japan's second-biggest brokerage after Nomura, is looking to bulk up with an additional 470 people -- most in equities trading and sales, capital markets and mergers and acquisitions -- in the next two to three years as part of a plan to become an Asia-focused investment bank.

-- Navy Federal Credit Union is looking to hire more than 1,000 people, most in entry-level-type customer-facing positions in branches and centers, up to 30% for newly created positions.


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