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Graduate Careers 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. 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 can new arrivals hope to gain in the future?

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. 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, 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. 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. This will not happen again, so graduate jobs will be open to the qualified people.

Article Source: http://free-article-depot.com

Martha is a freelance journalist writing about Pareto Consulting

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