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by: Martha Franklin
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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?

Banks may have difficulty admitting it but, according to bank industry observers, there are fewer job openings available to graduates. Despite the pressure that some graduates are experiencing, and the fact that banks such as AIB have put a hold on recruiting efforts this year, positive signs can be seen. 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 in the middle of one of its largest summer recruitment initiatives. This summer, over 400 interns will start their placements. 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 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 graduate careers. For details of graduate jobs in London click here

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