This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Bank Hiring Offers Glimmer of Hope

Stocks in this article: C BAC WFC

Those tallies don't include smaller financial shops around the country that have begun to hire once again. There are also new start-ups that seized on big banks' weaknesses, sensing the industry wasn't prepared to handle huge demand for mortgage refinancings. And more are in the pipeline.

According to a Treasury Department report last week, only one out of every five mortgage holders eligible for a government-subsidized modification has begun the process. Roughly 2.6 million more are eligible; offers have been extender to 919,965 of them.

There are hundreds of thousands of ineligible homeowners whose mortgages are being worked out, too. Modification data from Wells Fargo -- which has been a leader in the refi boom and touches about one of every six U.S. home loans -- speaks to that fact. The bank has modified 1.5 million home loans, just 403,044 of which fit into the Treasury's program.

Broadly speaking, Labor Department data show that the financial sector is still cutting jobs, and has lost a net 529,000 jobs since the beginning of last year. However, net job losses and the annual rate of change have declined sharply in recent months. It appears that those losses may have peaked in August -- or at least that the hirings had begun to counteract the firings.

Of course, banks hiring for bond traders and loan modifiers doesn't mean that every mom-and-pop shop across the country will put up "help wanted" signs. The broad unemployment rate has soared past 10%, or is at 17.5%, depending on who is factored in. There isn't a consensus among economists that it has topped out quite yet, since the job market is a lagging indicator of economic recovery.

2 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs