Graduate Recruitment and the Credit Crunch

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? What are some ways for a graduate to stand out in today's poor job market? 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. 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, 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. 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. Employment in commercial banking has a great outlook. 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 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.

Article Source: http://articleboard.findabook.com

Martha is a freelance journalist writing about Pareto Glasgow

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