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World

Wanted: future bankers not studying finance

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Opening sequence

World

Wanted: future bankers not studying finance

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Transcript

00:00:01
>> Investment banks are going back to school as they rethink their hiring strategies. I'm Rachel Armstrong for Reuters in London, where banks are looking at whether they can bring in a broader array of young students. Increasingly, many banks have been finding that there's a problem which is that a lot of young employees join them, work incredibly hard for three years and then leave them for hedge funds and private equity firms where they find that the pay tends to be higher.
00:00:27
And so what banks are hoping to do is to find students who perhaps
INAUDIBL
] interested in spending their whole career in banking. And so they are trying to find a way of making the industry a bit more meaningful and selling it to them as a place where they could spend kind of 20, 30 years working.
00:00:44
Investment banks are finding that the younger generation, the millennials, are much more interested in work life balance than perhaps the generation of people went before them. So, they're bringing in lots of initiatives. A, to ensure that, that work-life balance is there for their younger employees. And also, to give a bit more of a sense that there is a meaningful career in banking.
00:01:04
And obviously, that being the Street's reputation was damaged a lot during the financial crisis and a number of scandals that happened since then. If you look at the top name investment banks like Goldman Sachs, you won't find that they're suddenly kind of scratching around in want of anyone trying to apply for them.
00:01:19
But there are obviously other industries, which in recent years have become a bit more popular among some of the more high-flying students. Technology in particular, Silicon Valley going to work for tech startups and the likes of Facebook and Google have become more popular among students at top colleges and universities.