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. So what kind of graduates do they really want? How does a graduate make it to the top of the list in a job market with few jobs available? What is the outlook for potential first timers?
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. Deutsche Bank and Morgan Stanley are eagerly seeking out new graduates to hire. Even UBS, who introduced 5,500 redundancies, plans to hold a recruitment season like last years.
Goldman Sachs is currently hiring more people for summer than they ever have before. Over 400 interns will begin work soon. It is projected that, beginning in the year 2009, approximately three-quarters of them will be offered permanent positions. The employment scene is really starting to look up, as far as the commercial banking field is concerned. In Barclays, they are looking for new recruit figures to grow by 48% in the globel retail, and the commercial department for the year. In 2009 they are expecting to see another increase.
Graduates can rest easy since banks seemed to have learned from past mistakes. Rather than hiring new graduates, many banks were forced to fill jobs from accountancy during the period from 2001-02, which was the last time the financial sector recruiting was as bad as the current decline of 40%. In order to ensure that graduate jobs are available for the appropriate candidates, this error must not occur in the future.
Author Resource:-
Martha is a freelance journalist writing about ParetoLondon
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