Finance is bullish again in New York

Finally some good statistics, that show that the Big Apple is in the process of emerging from the crisis, faster and more courageously than the Old Continent.

According to the US Department of Labor, as many as 6,800 jobs have been created in financial services in New York in the last three months, which is a record for the last two years. The low point was reached in February 2010, when the rate of employment in the city was its weakest for 20 years.

This trend is due in part to the economic recovery, and in part to the pro-cyclical attitude of financial institutions, which had largely cut their staff at the height of the financial crisis, particularly in support functions and infrastructures.

The banks are strengthening their staff in the most dynamic sectors, especially in equity derivatives and commodities.

Within this optimistic trend, some players are more bullish than others: the Japanese company Nomura has extended itself in the United States, while the American company Jefferies has sought to increase its market share in investment banking.

In order to attract professionals, offers of remuneration have improved: on average, some recruits in equity derivatives and commodities are being offered salaries 30 to 40% higher than last year, without counting bonuses, which are now calculated over the long term.