Pity the world’s most prestigious investment banks, for their deep and often proclaimed love of STEM students is not requited. Those fickle young engineers with an urge to “make an impact” and work on cutting edge technologies are giving banks’ legacy systems a miss and going straight for tech firms, or car companies, or FMCG companies, or oil companies. – Anything, anything but finance.
So says a new study of 149,000 engineering and IT students’ preferred employers by Universum, a research company. When asked for their ideal employers upon graduation, the students put Google, Microsoft, Apple, General Electric and the BMW Group in the top five slots. Only two banks featured in the top 50 – Goldman and J.P. Morgan – and they ranked 27th and 32nd respectively. In a further reflection of banks’ unpopularity among their chosen recruits, engineering and IT students said they’d rather work for L’Oreal, Johnson & Johnson, or the Coca-Cola Company (among others) than either of the biggest-name banks.
What’s the students’ problem? Universum suggests it might have something to do with banks’ bad image among their preferred hires. Banks didn’t gain plaudits for their “creative and dynamic work environment.” Nor did they come out on top for, “innovation.” The only thing Goldman ranked highly for was “high future earnings” and even here it was trounced by McKinsey & Co and Exxon Mobil…
Separately, something’s certainly going on at UBS. The Swiss bank, which has developed a recent habit for hiring fixed income traders from Goldman Sachs, is now stocking up on credit traders, formerly of Credit Suisse. UBS just hired Robert MacNaughton, the ex-head of head at distressed debt trading at its Swiss rival. MacNaughton retired from Credit Suisse last year, so on this occasion UBS will at least have been absolved of the need to pay a big guarantee.
Source : Sarah Butcher, efinancialcareers.com