While laying off thousands of more senior (and more expensive) employees, British banks plan to continue hiring graduates and interns, to make sure they have the junior talent ready when the economy finally picks up.
A report by MSNBC quotes experts as saying that closing the pipeline for graduates in the past has left companies short of internal talent when they needed it most. “Investment banks will need employees in two or three years when the recession ends. So now is the time to fly the flag,” according to Jonathan Black, director of the careers service at England’s elite Oxford University.
And while competition for jobs in investment banking may have become tougher, simply because there are fewer investment banks left out there, one of the best ways for grad students to get a foot in the door is by pursuing summer internships.