When the financial crisis struck in 2008, some banks cancelled graduate hiring altogether or asked students who were due to join in the summer to defer joining for a whole year. So far, there’s little sign of that happening with the crisis induced by the coronavirus.
Citi has joined the list of banks reassuring incoming full time graduate hires that they’re still wanted.
In an email seen by eFinancialCareers, Citi’s head of EMEA campus talent acquisition, Alix Roe, told students the bank wanted to assure them that their, ‘offer with Citi is not in jeopardy and we are working diligently to determine next steps.’
Cit’s reassurance to incoming hires follows a similar reassurance from JPMorgan. Meanwhile, hedge fund Point72 and Goldman Sachs are understood to have indicated to this summer’s interns that internships will still go ahead remotely if necessary.
The reassurances come as some are warning of hangover from COVID-19 after the initial lockdowns and infections peak. George Kuznetsov, a partner at McKinsey CIB Insights, says the real implications of the crisis for financial services firms will become apparent from the second and third quarters, as banks face writedowns on loan products.
Graduate recruitment programs may therefore go ahead, but graduates could join in challenging circumstances.
Sarah Butcher – Read more on efinancialcareers.com