While non-banking sectors are increasingly appealing to MBA grads while others are expected to come on strong in the future, the latest data shows that big banks still have plenty of appeal. Read on to learn more about the staying power of banks in today’s job market, as recently reported by Business Insider based on data collected by the Financial Times.
According to BI, Deutsche Bank received 110,000 student applications for graduate positions -- a 20 percent increase from the previous year. Other UK banks, including Morgan Stanley, Citigroup, and UBS, saw similar upticks in interest with the latter reporting a 50 percent increase in hires. Meanwhile, Barclays also plans to increase graduate hiring in the year ahead from 450 to 500.
These figures are of particular interest given recent job cuts to Deutsche Bank’s global staff from 97,000 to 90,000, along with visible contention regarding the banks’ leadership and future.
Experts say this demonstrates ongoing interest in banking jobs by millennials, despite Brexit and the challenging banking climate. They also suggest that the profile of applicants is changing. While Ivy League candidates once made up a significant portion of applicants, this dynamic is changing.
Manolo Falco, who heads up Citi’s EMEA corporate and investment banking, told FT, “We had all the top universities pre-crisis [in 2008[....now [our demand] is more varied. We’re going broader in terms of the places where we source from.”
Falco also stresses the importance of promoting work-life balance to this generation of workers, while simultaneously pointing out that the industry still has a ways to go when it comes to juggling personal and professional commitments. “You can’t hide it; banking is a hard-working kind of industry. Even with all of what we’ve done, it’s high intensity over long hours,” he said.