Graduates in the United States are now less keen to find jobs in banking and financial sector after a series of major job slashing in the industry.
This is despite the industry’s capability in offering attractive and lucrative remuneration package for new graduates and job seekers.
The situation is in stark contrast to 5 years ago where banking was considered one of the hottest choice of industries by graduates.
More than 70,000 banking jobs were cut both in the United States and Europe stemmed from the crisis of finance and credit for the past 6 months. Citigroup, last year’s biggest banking group in the world, became one of the biggest victims, and in the 2008 list of largest banks in the world, the bank slumped from its previous no. 1 rank to a poor 7th.
Apart from the job cutting, it is becoming relatively more difficult to move up the corporate ladder for someone working in a bank today. There are also cases in the US where graduating students find their job offers withdrawn while the graduates were completing their final exams.
Banks from China are now emerging as the world’s biggest banks, spearheaded by the Industrial & Commercial Bank of China, ICBC and China Construction Bank, CBC.