Banking industry: banking and finance companies engage in wave of college hiring

Leading banking and financial services companies are poised to hire from leading undergraduate and engineering colleges and business schools across the country due to business growth and the increasing push for digitization in a world post-pandemic.

In addition to jobs in finance, operations, treasury, risk, analysis, research, investment banking and corporate banking, the focus this year is on technological roles, a post-covid phenomenon where organizations in the BFS space have started to place much more emphasis on the need to expand their digital offerings.

Axis Bank plans to hire 50% more on campus than last year; Goldman Sachs Indian campus hiring for 2022 will increase by 27% with more than 1,900 hires, including interns; for JP Morgan, admission to campus will increase by 23% for full-time analysts and 38% for interns. Others, like Citi, Deutsche Bank and Mastercard, are also recruiting aggressively, especially for digital skills.

“For 2022, our on-campus hires will increase by 43%, 24% and 6% in graduate schools, engineering schools and business schools, respectively. This reflects our growth in all businesses and the availability of world-class talent in India, ”said Deepika Banerjee, Co-Head of Human Capital Management at Goldman Sachs Services. A key part of the company’s campus recruitment strategy in India is to integrate talent through internships.

For JP Morgan, campus recruiting is making a significant contribution to meeting the growing number of hires by attracting entry-level talent. “The increase this year is fueled by growing hiring needs across all lines of business and primarily for technology and functional roles,” said Gaurav Ahluwalia, head of human resources, India Corporate Centers, JP Morgan.

“Citi is committed to staying ahead of the digital transformation across all geographies and our institutional and corporate banking operations in India. Indian talent is essential to support these focus areas, ”says Aditya Mittal, Acting HRD for Citi India.

As India has consolidated its status as a global technology hub, another factor driving the demand for talent is the continuous flow of work from global companies to their global service centers in India, said Madhavi Lall, head of human resources, Deutsche Bank India. They expect to welcome a few hundred graduates and trainees of the class of 2022 from all the target institutes.

“We actively recruit for digital skills, which make up the majority of our hiring, and we see a level of fair competition for talent in this space,” Lall adds.

The intense competition for talent in this space is not only driving up salaries, but most companies are adding new campuses to existing ones this year to expand their recruitment pipeline.

Axis Bank has added campuses to its MBA and Engineering Recruitment programs as accelerating its digital agenda and strategic transformation of the organization has also been a boost. “This year, we are doubling and increasing our hires. As we rebound from the pandemic, the demand for corporate talent has increased in both basic and new skills, ”said HR Director Rajkamal Vempati.

In the coming year, Mastercard plans to hire approximately 500 graduates of the 2022 batch under the Launchers program to fill positions in software development engineering, data engineering, analytics consulting, artificial intelligence and other fields.

Campuses like IIM Ahmedabad are seeing an increase in the number of businesses. During recent summer placements, there has been a 27% increase in the number of companies offering investment banking, market research, and asset and wealth management roles compared to last year, said Ankur Sinha, chairman of the investment committee.

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