For banking executives seeking new jobs, 2004 may be a dismal year. Thousands of bank employees are expected to lose jobs in coming months as large banks continue to merge for greater efficiencies.
Few hiring bright spots exist, and mostly for highly specialized banking professionals. Demand is good for personal financial advisers who can help banks provide retail wealth-management services. Credit and risk-management executives are being sought to help banks manage credit risk and comply with government regulations. Expanding banks also need managers to help run new branches.
About 12,500 employees will lose jobs in coming months following the merger this month of Bank of America Corp. and FleetBoston Financial Corp. The deal will create a $47 billion union and the third largest bank in the U.S.
