The world’s largest investment banks have seen a surge in applications from younger candidates as banks have hiked entry-level intakes, showing the enduring popularity of the sector despite its brutal, long-hours culture.
The world’s largest investment banks have seen a surge in applications from younger candidates, showing the enduring popularity of the sector despite its brutal, long-hours culture.
JPMorgan has received over 50,000 applications globally for around 400 jobs in its investment banking division in 2021. Goldman has hired 2,900 summer interns this year, up from 2,727 in 2020. It received 100,000 graduate applications globally last year, a figure which is up by 50% in 2021, CNBC reported.
Salaries for entry-level roles in London swelled from £50,000 to £60,000 in recent months at Barclays, Bank of America, Citigroup, and JPMorgan, among others, while Goldman and boutiques Perella Weinberg and PJT Partners now offer £70,000 to first-year analysts. On Wall Street, $100,000 starting salaries are now the norm, up from $85,000.
HSBC has taken on 778 interns and graduates this year globally, up by 41% on 2020. Morgan Stanley’s intake of analysts and associates will hit 330 in Emea, a 23% on the previous year, while Deutsche Bank has taken on 900 graduates globally, up by nearly 30% on 2020. “The people who make it into banking roles know what they’re getting into,” he said. “Long hours, intense work, but it opens up career opportunities. I had one masters student saying they were seeking purpose in a job with social impact, but then saw the high-paying banking jobs and opted for that instead.”
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