FDIC Set to Add Staff as It Girds For Bank Failures 26 March 2008The Wall Street Journal The Federal Deposit Insurance Corp. <javscript:void(0)> plans to hire as many as 138 new employees to help deal with the potential for rising bank failures amid the current financial morass. An agency spokesman said the FDIC hopes to boost the number of employees in its Division of Resolutions and Receiverships to as many as 380 from the current 223. The division is already authorized to have 242 employees, so the new hiring effort will seek to add an additional 138 new positions, half of whom will be temporary hires. "We're offering reassurance that we'll be prepared," spokesman Andrew Gray said. The reason for the staffing increase is twofold: an expected increase in bank failures, and the retirement of current employees. FDIC officials have acknowledged they expect an uptick in the number of banks that fail and need to be taken over by the agency. The resolutions division is tasked with handling the fallout from a failed bank, and has already had to deal with two failed banks this year. A total of three banks failed in 2007, the first bank failures since 2004. And while the FDIC has stressed that failures remain historically low, the agency does have 76 firms on its list of problem banks. ======================
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