Graduate Recruitment and the Credit Crunch
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by: Martha Franklin
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Word Count: 317
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?
Banks may have difficulty admitting it but, according to bank industry observers, there are fewer job openings available to graduates. Some positive things have started to come to light even with banks, such as AIB stopping thier recruiting. Still some graduates are feeling stressed. Even though Citi is a bank that has revealed large redundancies worldwide, the number of graduates hired for 2008 are in sync with the number for 2007. Morgan Stanley and Deutsche Bank are in full force with their graduate recruitment programs. Even UBS, who introduced 5,500 redundancies, plans to hold a recruitment season like last years.
Goldman Sachs is in the middle of one of its largest summer recruitment initiatives. Over 400 interns will begin work soon. In 2009, we believe approximately 75% will be offered permanent employment. Employment in commercial banking has a great outlook. Retail and commercial recruitment figures for Barclays are expected to rise by 48% globally this year. In 2009 they are expecting to see another increase.
Graduates can rest easy since banks seemed to have learned from past mistakes. 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.
About the Author
Martha is a freelance journalist writing about Pareto Manchester
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