"My banking team is very lean but we will not be getting any new graduates this year"

efinancialcareers.com:

I'm an associate at a major European bank in London. New analyst — graduate — hires are arriving soon, but we've been told we won't get any of them.

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I know that we're not the only team in this situation — a lot of other teams here have been told that they won't be getting graduates either. 

It's frustrating. We're already incredibly overstretched and we're leaner versus deal-flow than we've been the whole time I've worked here. We now know that it won't be getting any better soon. 

This failure to give us new graduates seems to be a result of cost-cutting. It's also because fewer people have moved-on to other banks or to private equity. The lack of churn has apparently meant the bank didn't feel the need to hire a big class of new analysts this year, or if it did that it thought we wouldn't need them.

I think this will turn out to be a mistake. Appetite for junior bankers seems to have picked up in recent weeks and there's been a flurry of people resigning from my team. If this continues, we'll end up hugely understaffed. It will be an interesting summer.

Kobi Green is a pseudonym

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