eFinancialCareers

Last week's column presented some of my contacts' observations about the current state of hiring, plus statistics on headcounts in the securities and investment industry in the U.S. Today, I offer anecdotes from beyond my immediate circle.

Seeking insight into near-term career prospects for a variety of roles and locales, I asked members of several LinkedIn groups how the job market feels right now. I'll start with the upbeat responses.

"I actually got two calls this week about positions in New York," says a former bank vice president. "That is the first two calls I received in 6 months. I consider that good news."

Another former vice president, with long experience serving non-profit clients for major banks, writes: "Just had a friend tell me that she was re-hired by her ex-employer…in a different division of the bank's asset management arm." She also says a large New York outplacement firm is telling clients of an uptick in placements in the last few weeks, "so maybe the thaw IS starting."

An energy equities specialist reports "a little action in terms of i-banks trying to re-fill slots they maybe hastily cut. Also a fair number of start-up hedge funds."

A recruiter reports "a slight uptick" on the wealth management sales side. And a Toronto marketing communications consultant reports a slight pickup in job postings in her region.

For Many, Mixed Signals

A buy-side communications pro says she's had "a little more interest from recruiters/potential employers" in mid-April. "This includes some news that companies with hiring freezes were now thawing. However, the pace of hiring decisions still seems pretty glacial. I've also experienced companies turning cold again after expressing an urgent desire to fill a position quickly."

Another communications pro says layoffs may have slowed a bit, but "new hiring is still pretty much on hold, especially for those in the higher ranks. Lots of calls from brokers and agents in the sales arena but little else in the past month."

A retail banking expert cites hiring freezes and predicts additional bank layoffs, but adds, "there are signs of life in the mortgage industry -- after tremendous downsizing, many firms need help to handle the refi boomlet."

A 2007 economics graduate from Oregon says he's been "getting call backs and interviews at an increasing frequency" since January. He expects hiring will pick up regionally "in the hardest hit unemployment areas first." But he also expects nationwide unemployment will go on climbing, and fears the influx of 2009 graduates to the job market could upset the balance further.

Some See Little Cause for Optimism

Indeed, about as many people report discouraging signs. "Companies are exploring the market for available talent opportunistically, but doing little to no hiring unless absolutely mandatory," says a private equity firm's managing partner.

"I think you will see pockets or more likely anecdotal evidence of a bottom in hiring - don't believe it," warns a Chicago portfolio manager and chief risk officer. "The Street is going to be shrinking for the foreseeable future."

Firms looking for talent "are far fewer than those firms laying folks off," says a bank's commercial real estate relationship manager. "Here in the midwest … the successful and/or profitable firms seem to be thining the herd…. This trend is bound to continue as long as credit remains ultra tight, loan portfolios shrink, and market conditions remain at a stalemate."

An internal audit executive in transition since January from a top-tier bank says he and some colleagues saw expected offers vanish after multiple interviews "because the firms put in policies that they had to hire internal candidates." A veteran fund marketing communications pro whose job disappeared in September says he's had "nibbles," but his only real "bite" called for too large a pay cut.

And a mutual fund sales executive in transition since October sees a paradox in investment firms educating retail clients to focus on the long-term, while firms' own staffing decisions are clearly driven by today's volatility and uncertainty. "We are not practicing what we preach!" he writes. "I think that there is a tremendous opportunity for a few firms to take significant market share by spending money now and providing leadership now. In this business you never get paid for the work you are doing now - that always comes later (if you have earned it!)"