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?



Although bankers may be hesitant to agree, pundits note that there are not as many jobs available for graduates in the field of banking. 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. 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. The employment scene is really starting to look up, as far as the commercial banking field is concerned. 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 expecting to see another increase.

Graduates can find reassurance in the fact that banks have learned from the mistakes of the past. Rather than hiring new graduates, many banks were forced to fill jobs from accountancy during the period from 2001-02, which was the last time the financial sector recruiting was as bad as the current decline of 40%. In order to ensure that graduate jobs are available for the appropriate candidates, this error must not occur in the future.