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Financial graduate jobs losing favour

Published: Wednesday, 05 August 2009   Category: Professional & financial services

The chief executive of banking giant HSBC has admitted that university leavers are looking outside of the financial sector for graduate jobs.

Michael Geoghegan from the bank believes that the credit crisis is to blame for ruining the reputation of graduate jobs for financial institutions in the City, according to This is Money.

He told the news provider: "I see students and graduates thinking twice about going into financial services."

Where graduates were formerly clambering for a place at a large banking firm in London around two years ago, the sector's fortunes have turned around, Mr Geoghegan added.

His opinions are backed up by Centre of Economics and Business Research figures which show that the 350,000 people signing up for graduate jobs in the City in 2007 will drop to 295,000 this year.

Aidan Hetherington, careers and corporate relations officer at the University of Edinburgh's business school, recently told eFinancialCareers.co.uk that major banks in Scotland are still offering graduate employment.

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