Recruiting

The banking and payment services company hopes to attract young talent.

At a time when many crypto companies have seen their fortunes plummet, one corner of the industry is thriving.

To meet the growing demand, banks are faced with a choice of hiring, reskilling or outsourcing.

Area Federal Credit Union in Aberdeen, South Dakota, has named Stephen Streirer as its new president and CEO. He replaces Robert Goscicki, who resigned last month.

BMO Financial is expanding its efforts to recruit "underleveraged" job candidates among families fleeing war and hunger abroad. Refugees offer businesses diverse skills and have lower turnover rates than typical North American workers.

Revolut Ltd. plans to increase its crypto headcount by 20% across Europe, the U.K. and U.S. over the next six months, a bright spot in the current digital-assets industry downturn and a rare sign of growth against the backdrop of a wider slowdown in hiring by tech firms.

Citigroup is planning a 500-person hiring spree over the next three years for a new wealth division catering to junior employees at private equity offices, consultancies and accounting firms, betting those clients will someday join the ranks of the ultrawealthy. 

Credit Suisse Group, the Swiss bank that lost dozens of key dealmakers last year, is once again offering lucrative retention payments to prevent senior talent from leaving. 

Bank of America is keeping to its original hiring plans despite challenging economic conditions that have prompted others to pull back, Chief Executive Brian Moynihan said.

Goldman Sachs Group, Morgan Stanley, JPMorgan Chase and Citigroup each reported a substantially larger workforce in the second quarter compared with a year earlier. Across the six biggest U.S. banks, the average gain in employment was 5.5% compared with mid-2021.