Goldman Sachs attracted more than a quarter of a million applications from students and graduates for jobs this summer, suggesting fears of a 'brain drain' in the sector may be exaggerated as banks introduce more employee-friendly policies.
The number of applications from students and graduates globally have risen more than 40 per cent since 2012, according to figures provided to the Financial Times. The data can include more than one application per individual.
The numbers show Goldman Sachs is attracting far more would-be bankers than they could ever employ. The trend is mirrored at several other large banks such as JPMorgan, which said it was hiring only 2 per cent of graduate applicants to its investment banking division, and Citigroup, where the proportion of would-be analysts and associates hired in its global investment banking division was 2.7 per cent.
Several — though not all — other banks also say they are seeing higher application levels and improved retention rates despite the battering the industry's reputation has taken for everything from long hours to causing a crisis that inflicted poverty on a generation.