US banks race to fill vacancies as stock market soars

NEW YORK: US banks, which have cut thousands of jobs during the two-year-old financial crisis, are suddenly racing to fill empty seats to make the most of soaring stock markets and narrowing credit spreads.

Banks, including those seen as least hurt by the crisis such as Goldman Sachs Group and JPMorgan Chase & Co, were cautious when it came to hiring early in the year as they adjusted to the recession and a regulatory crackdown, including compensation restrictions that came with taking government funds in the fall.

"Back in March and April, no one really knew if the investment banking business was going to exist again," said David McCormack, managing director at search firm Sheffield Haworth in New York. "The world has changed dramatically in the last four to five months and now banks are hiring."