This Day On The Street
Continue to site
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

Bank Hiring Offers Glimmer of Hope

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

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
AIG $59.45 0.59%
BAC $15.93 0.50%
C $51.79 0.08%
GS $185.06 0.30%
JPM $62.68 0.18%


Chart of I:DJI
DOW 16,374.76 +23.38 0.14%
S&P 500 1,951.13 +2.27 0.12%
NASDAQ 4,733.4970 -16.4820 -0.35%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs