Profits rebounded in a big way at top Wall Street banks in 2009, and bonuses (bonuses news) soared 17 percent. But like the larger economy, that uptick has yet to translate into a surge in new jobs. This is hardly surprising. Hiring usually lags the passage of the nadir.

My question is whether we have truly hit the nadir. It's quite possible that we're going to see a double dip "recession" (recession news) in the industry. The trading revenues that powered some firms may not materialize again in 2009, and new regulations may further crimp profits. So while the hiring environment may improve a bit, no one expects banks to ramp back up to pre-crisis levels.

Reuters reports that financial firms employ about 793,000 people in securities, commodities and investments compared with 872,000 in June 2008. At top banks, the job-letting was intense. Citigroup (C) eliminated 75,000 jobs; Bank of America (BAC), 45,500, including staff from Merrill Lynch; JPMorgan Chase (JPM), 23,700; and Morgan Stanley (MS), 8,600. Goldman Sachs (GS) cut at least 4,800 jobs.  

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