Wall Street hires a lot more bankers despite economic gloom

By Lananh Nguyen and Saeed Azhar

NY (Reuters) – When Jamie Dimon had been questioned by an analyst on Fri if his lender would wait to employ employees for lower pay because the economy slows, the principle executive of JPMorgan Chase & Co had a blunt response: “No.”

The biggest U.S. lender’s workforce swelled 9% to 288,from the year earlier since it added staff in its customer 474 in the 3rd quarter, expense asset and banking and prosperity management businesses. Compensation expenditures rose 16% to $10.5 billion.

Dimon isn’t only. Citigroup Inc elevated its headcount to 238,000, up 8% from the year earlier, while its settlement and benefits rose 11%, on Friday in accordance with results also released.”We continue to spend money on building out our groups for long-term growth possibilities, including health care, energy and technology,” Citigroup CEO Jane Fraser mentioned. “And I’m really happy with the high-caliber bankers that are attracted to both our system and our lifestyle.”

While Wall Road powerhouse Morgan Stanley boosted its ranks by 11% to 81,567, compensation at the company fell 5%.

“We’re considering headcount,” James Gorman, Morgan Stanley’s ceo, told analysts in a meeting call.

Individually, Morgan Stanley’s chief economic officer within an interview said that the business is “constantly evaluating” its assets, and we consider headcount “when, we think of it in accordance with the economic environment always.”

Wells Fargo bucked the hiring trend, trimming personnel by 6% to 239,209.

Goldman Sachs, 7 days that will report its third-quarter earnings following, in September began a circular of job cuts, targeting about 500 jobs. Additional investment banking institutions including Royal Bank of Canada possess cut a small amount of U also.S. jobs. The culls arrive as a darkening financial outlook and increasing U.S. interest levels weighed on dealmaking companies heavily.

(Reporting by Lananh Nguyen and Saeed Azhar; Modifying by Mark Porter)