ank of America Rebound In Hiring. Bank of America is facing a rebound in hiring that added more employees last year. Wells Fargo & Co. and JPMorgan Chase & Co. are also among financial firms that have added jobs to an expanding economy.
Bank of America, the biggest U.S. lender, counted 288,000 employees in its annual report for 2010 to securities regulators, an increase of 4,000, or 1.4 percent. Wells Fargo, the biggest U.S. mortgage lender, increased headcount by 4,900, or 1.8 percent, to 272,200, according to its annual report. Bank of America’s workforce increased 17 percent in 2009, the year when Merrill Lynch & Co. was added, while San Francisco-based Wells Fargo dropped almost 5 percent that year.
Banks reported a 77 percent increase in earnings in 2010, according to data compiled by Bloomberg. Improved asset quality and a decrease in loan-loss provisions contributed to the earnings growth, according to a report last week from the Federal Deposit Insurance Corp. Bank of America, based in Charlotte, North Carolina, put aside $28.4 billion for bad loans in 2010, down 41 percent.
“There was good talent out there at the right price,” said Eric Moskowitz, head of market intelligence in the global financial-markets practice of Los Angeles-based executive search firm Korn/Ferry International. “A lot of banks cut pretty deep in 2008 and 2009, and they needed to staff-up.”
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