THE axe stopped swinging on Wall Street last night as Merrill Lynch, the investment bank, revealed plans to hire more than 2,000 financial advisers. The move follows one of the biggest job culls ever on Wall Street, which led Merrill alone to fire 20,000 bankers since 2000.
James Gorman, head of Merrill’s private client arm unveiled the new jobs plan yesterday at a Securities Industry Association conference in the resort town of Boca Raton in Florida.

He said that the bank will increase its financial advisers workforce by about 5 per cent a year over the next three years. Merrill currently has some 13,400 financial advisers around the world.

“After several years of industry-wide contraction, the improving markets and a continued strong demand for professional advice have created an opportunity for us to renew the growth of our worldwide advisory force,” Mr Gorman said.

“Just as we were early to make the necessary cuts as the market cycle turned at the beginning of 2000, now we believe we are early to drive growth through the business,” Mr Gorman added.

The three-year bear market, accompanied by a rash of corporate scandals, spooked American investors into moving what little they had left in their share accounts into cash, bonds and property. But as the stock market, up 36 points last night, continues its recovery, the American public is coming back.