One job search target for bankers whose firms went belly-up in the current financial crisis just might be the very organization trying to sort out the mess, the Treasury Department. The number of open positions requiring professionals with financial expertise is growing. And even Timothy Geithner, the man charged with managing the stimulus program and bailing out the banks is having trouble filling positions.
A month into the job, he still hasn’t hired a deputy secretary, undersecretaries or any assistant secretaries responsible for key areas, according to a report by Fox News. The situation has been called “shameful” by Paul Volcker, head of President Obama’s Economic Advisory Board.
The Office of Personnel Management lists some 200 Treasury jobs on its Web site, and that number is expected to climb as the administration tries to fill the middle ranks at Treasury and the FDIC.
The Treasury Department in particular needs people with practical experience in finance together with a solid academic understanding of economics.
In the past, becoming a government bureaucrat held as much appeal for a Wall Street banker as an expense-account meal at Burger King. The average salary for a mid-level, non-appointed job at the Treasury ranges from $43,557 to $68,875, according the OPM web site. Bonuses? Unlikely. Though the job does include 10 federal holidays and 13 days of paid vacation and public transportation subsidies.
A year or two ago, you wouldn’t find many takers. But in today’s economic climate, with thousands of recently laid-off bankers hitting the pavement, it might just be the right interim job to tide you over until things start picking up.