Business Standard

Wall Street's hiring frenzy eases as worries grow over economy, market fall

Soaring inflation exacerbated by Russia's invasion of Ukraine and resulting interest rate hikes are making some Wall Street companies nervous about the risk of a recession

Wall Street
Premium

(Photo: AP/PTI)

Reuters
With mounting uncertainty around the U.S. economic outlook and the resulting slump in financial markets, Wall Street is easing up on hiring after a recruiting frenzy last year.

Wall Street companies including banks like Citigroup Inc , JPMorgan Chase & Co and Wells Fargo & Co were facing cutthroat hiring competition and being forced to pay more to recruit and retain talent in 2021 and early this year.

Bonuses jumped to their highest level in 15 years.

However, recruitment consultants, executives and recent data show that hiring frenzy is diminishing.

"At the end of 2021 it was white hot with unprecedented demand for hiring

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Jun 23 2022 | 3:41 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com