Has hiring shut down?

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Is hiring really in the deep freeze, or are we just experiencing the usual 3Q chill in the run up to bonuses?

Let us know what you think - despite rumours that just about every bank we can think of has closed the door to new hires, some of you seem to think we're exaggerating the extent of the problem.

The reality is that banks always rein in hiring in the third quarter in order to a) avoid diluting existing bonus pools and b) avoid buying out the full-year bonus of the person hired - particularly when there's not much chance of a payback before year end.

Is any reticence about recruiting therefore down to the time of year, rather than sub-prime angst? And will hiring pick up again come the first quarter of 2008?