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Who Will Be Hiring, Who Will Be Hired

American Banker
No one doubts that banks will eventually start hiring once the industry climbs out of crisis and returns to sustained profitability.

But as with profits, hiring expectations are being scaled back.

Consultants predict staffing will not ramp up as quickly as in earlier rebounds, in large part because banks will still be watching expenses closely.

The hesitancy may be most noticeable on the front lines, in branches and in call centers, experts say. What short-term hiring that will occur will be in specialized positions such as business relationship managers or compliance officers.

Though relationship managers can usually pay for themselves in fairly short order after bringing over their books of business, a new army of tellers and call center employees may not result in higher revenues for a bank for some time, said Andrew Frisbie, a vice president at First Manhattan Consulting Group.

Diagram: Job Movement. Full time employees for 10 largest U.S. Banking and thrift companies as of March 31st. Citigroup: 334,693 employees, a -15.2% change from last year. Bank of America: 284,802 employees, a +36.4% change from last year. Bank of America: 272,800 employees, a +69.6% change from last year. Wells Fargo: 272,800 employees, a +69.6% change from last year. JPMorgan Chase: 212,255 employees, a +21.2% change from last year. PNC: 56,572 employees, a +104.1% change from last year. U.S. Bancorp: 54,872 employees, a +3.3% change from last year. Bank of New York Mellon: 42,000 employees, a -1.4% change from last year. HSBC North America: 34,133 employees, a -24.0% change from last year. SunTrust: 29,279 employees, a -7.8% change from last year. Capital One: 27,545 employees, a +11.4% change from last year. Of the 10 banks previously mentioned, 6 made acquisitions during the year: Bank of America, Wells Fargo, JPMorgan Chase, PNC, U.S. Bankcorp, and Capital One. This information was provided by SNL Financial.

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