Graduate Recruitment and the Credit Crunch

By Martha Franklin  It is an unwritten rule of job cutting that the most recently hired graduates should be the first ones to be let go when the financial sector is hurting. Some banks are steadfast in their efforts to hire new graduates while others, such as AIB, have eliminated programs of recruitment for the year. What kind of graduates do they seek out? How does a graduate make it to the top of the list in a job market with few jobs available? What can new arrivals hope to gain in the future? Although bankers may be hesitant to agree, pundits note that there are not as many jobs available for graduates in the field of banking. Some positive things have started to come to light even with banks, such as AIB stopping thier recruiting. Still some graduates are feeling stressed. New graduate hires in 2008 are nearly identical to the previous year at Citi, a bank with large worldwide redundancie announcements. Morgan Stanley and Deutsche Bank are in full force with their graduate recruitment programs. Even UBS, with its announcement of 5,500 redundancies, plans to go forth with a recruitment season similar to that of last year's. Goldman Sachs is in the middle of one of its largest summer recruitment initiatives. This summer, over 400 interns will start their placements. In 2009, we believe approximately 75% will be offered permanent employment. The employment scene is really starting to look up, as far as the commercial banking field is concerned. Retail and commercial recruitment figures for Barclays are expected to rise by 48% globally this year. In 2009 they are looking to see another increase. Graduates can find reassurance in the fact that banks have learned from the mistakes of the past. Several banks were forced to fill jobs from accountancy instead of hiring new graduates in 2001-2002 when financial sector recruiting was last so bad. In order to ensure that graduate jobs are available for the appropriate candidates, this error must not occur in the future. Martha is a freelance journalist writing about Pareto Consulting Life Coaching Share Your Opinion. (0 posts)

 

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