Wall Street's hiring frenzy eases as worries grow over economy, market fall

Soaring inflation exacerbated by Russia's invasion of Ukraine and resulting interest rate hikes are making some Wall Street companies nervous about the risk of a recession

With mounting uncertainty around the U.S. economic outlook and the resulting slump in financial markets, Wall Street is easing up on hiring after a recruiting frenzy last year.

Wall Street companies including banks like Citigroup Inc , JPMorgan Chase & Co and Wells Fargo & Co were facing cutthroat hiring competition and being forced to pay more to recruit and retain talent in 2021 and early this year.

Bonuses jumped to their highest level in 15 years.

However, recruitment consultants, executives and recent data show that hiring frenzy is diminishing.

"At the end of 2021 it was white hot with unprecedented demand for hiring