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One-quarter Bank Execs expect to increase hiring in the next six months | Grant Thornton

Grant Thornton LLP’s have released their 17th Bank Executive Survey  and it shows a significant increase in the numbers of Bank Execs expecting the US economy to improve, although I do notice that it is not an overwhelming shift as yet.

One-quarter expect to increase hiring in the next six months

CHICAGO, June 18, 2010According to Grant Thornton LLP’s 17th Bank Executive Survey, conducted in conjunction with Bank Director magazine, the majority of bankers are optimistic about the U.S. economy in the coming months, with 45 percent expecting it to improve in the next six months. This is a statistically significant improvement over how bankers felt about the U.S. economy six months ago when less than one-quarter (24%) said that they expected the economy to improve. On the job front, a quarter of bankers say that their bank will increase hiring in the next six months, up from 18 percent in December; while the number of banks that plan to decrease staff has dropped slightly to 16 percent from 18 percent in December.

“Bankers across the country are starting to become more optimistic about both the U.S. economy and their own local economy,” noted John Ziegelbauer, national managing partner of Grant Thornton’s Financial Institutions practice. “Their optimism about the economy is spilling over into their own banks, with bankers reporting that they are also cautiously optimistic about the number of people they expect to hire in the coming months. Overall, it appears that bankers believe that the economy has finally turned a corner.”

In addition, more than one-third (35%) of bankers expect their local economy to improve in the next six months, up from 22 percent in December 2009. Only nine percent of bankers expect their local economy to get worse, down from 18 percent in December.

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About the Survey

Grant Thornton LLP and Bank Director magazine conducted this national survey of bank CEOs and CFOs from May 4 to May 24, 2010, with 230 respondents. Fifty-nine percent of the respondents were from small banks (those with less than $500 million in estimated assets at the end of 2009), while the remaining 41 percent were from large banks (those with more than $500 million in estimated assets at the end of 2009). Regarding ownership structure, 39 percent report that they are public institutions, 44 percent are private and 17 percent are mutual. To see past survey results, please go to www.GrantThornton.com/banksurvey.

Written by Colin Henderson

June 18, 2010 at 17:28

Posted in Uncategorized

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