HSBC’s shipwrecked banking graduates will be just fine, really
HSBC is abandoning ship. As of this morning, the bank is winding down its M&A and equity capital markets businesses in Europe and the Americas. It'll eventually exit them, and focus on ECM and M&A in Asia and the Middle East instead.
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Although there’s bound to be more cuts, there’s one group of people who can rest assured that their jobs are safe: HSBC’s incoming graduate recruits.
It’s understood that, if the function that they’re joining is to be affected by the cuts, they’ll redeployed elsewhere in the investment bank. HSBC declined to comment.
HSBC’s incoming summer interns don't seem to worried. “I’ll only be an intern in the summer,” one global banking intern in an impacted region said. “Doesn’t affect me at all.”
This seems optimistic. Even if interns are redeployed, they'll need to compete harder for jobs in other divisions. And if they're not, they might be in a pickle. Having done the hard work of securing a summer internship (which takes a hefty dose of luck), there could very well be an uphill struggle in repeating the process to get a grad scheme, which there are significantly fewer of. Luckily, alternative routes into the industry exist.
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