Investment banks in London are scaling back their graduate recruitment targets for 2016, after a difficult final quarter.
Big investment banks such as Bank of America Merrill Lynch, Credit Suisse, Goldman Sachs, HSBC, J.P. Morgan, RBS have together opted to cut 280 graduate jobs from their 2016 t according to new figures released by High Fliers.
In September, major investment banks had intended to bring in 2,200 new junior staff members, but this figure was drastically slimmed down as the economy took a downward turn.
Many graduates have to undertake internships in order to get work at banks, but up until recently banks had shown no appetite for cutting graduate schemes, this appears to be changing.
While banks retreat, consultants increased their graduate recruits by 30 percent on 2014 and accounting firms by 12.3 percent.
Investment banks have, however, increased pay. The average salary for new graduates is now £47,000 with the biggest salary standing at a whopping £50k.