New York Fed Aggressively Hiring Traders

Since the Federal Reserve has expanded its intervention in the markets over the past year, its assets have more than doubled to around $2 trillion. Naturally, this requires more people to manage all the buying, selling and maintaining of these new assets.

The Financial Times says, The New York Fed plans to raise the number of employees in its markets group to 400 by the end of then year, compared with 240 at the end of 2007.

The market for employees is limited resource. Most finance companies are currently cutting back on employees because the market demand has decreased. But the Federal Reserve is expanding and “becoming one of Wall Street’s most active recruiters” says CNBC. There are now fewer employees in the market for private companies to hire because they are now employeed by the government.

CNBC: http://joeyconway.com/fy7bvv