Job openings in financial-services are on the rise

Thursday, July 2, 2009, 7:33 AM | 1 Comment

Many financial news and recruiters suggest jobs in financial sector are easing up on skilled job seekers. The improving financial markets and increasing investor confidence seem to be the main catalyst. Some firms that had laid off too many employees at first are now in a position for rehiring. Most desired are proven performers skilled in areas such as credit, refinancing, wealth management and restructuring.

However, the rehiring is on a modest level but is a bright spot amid continued job losses in financial-services sector. The Labor Department says financial-services firms shed 30,000 jobs in May and have lost nearly 600,000 jobs since December 2006.

Wells Fargo & Co., J.P. Morgan Chase & Co. and TIAA-CREF all are currently advertising on, a job site that specializes in the financial-services industry. Positions listed include private banker, credit manager, financial adviser and financial analyst.

Recruiting is somewhat robust in restructuring and the reason seems to be more companies are in distress now, and the need for restructuring expertise has far outpaced other sectors.

Another relatively strong niche is credit. Credit specialists are in demand as banks work out problem loans and derivatives tied to those loans.

Mortgage refinancing
Banks and mortgage lenders are doing selective hiring. Some banks have merged. That creates redundancy in job positions. A big lay-off follows. However, if you are highly skilled in mortgage refinancing, there seems to be a significant rise in hiring of some strategic positions in this area.

Revenue generators
Demand centers on those professionals who have a rolodex with senior-level client contacts or those who have repeatedly demonstrated a track record as profitable traders.

In a Nutshell
Some firms are trying to take advantage of the large number of experienced people who have been let go. They are beginning to open their eyes and think more strategically in terms of hiring.

So if you are highly skilled in some specific financial areas and are looking for a job, you might be in luck to get hired in some strategic position.

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