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Private banks are still hiring management graduates
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Private banks are still hiring management graduates
Global recession or not, financial sector majors - arguably the worst hit of the lot - made a beeline for premium business schools (B-schools) this year. With talent available at campuses at reasonable costs, private banks such as ICICI Bank, Yes Bank and HDFC Bank are ramping up headcount at the entry level.
Average salary levels for management trainees have dropped by about 30% this year. “We are cashing in on the opportunity to recruit some of the best talent in the country at lower pay packages,” said an HR executive of a Mumbai-based private sector bank, who did not wish to be quoted. Pay packages for management trainees at leading private sector banks varied from Rs 12-15 lakh annually earlier while this year they ranged between Rs 8 and Rs 12 lakh.
ICICI Bank executive director Ram Kumar said the financial turmoil in the global economy is a temporary phase. “Campus recruitments have been a regular feature for us and we have hired more than 400 executives this fiscal year keeping in mind the long-term growth story,” he said.
The bank has recruited 50-60 management trainees from leading B-schools such as the Indian Institute of Management (IIM), Jamnalal Bajaj and SP Jain this year. It has also hired some 400 executives from management schools, including Welingkar and Sydenham.
Lower salaries have also prompted public sector banks to visit management institutes this year. Union Bank of India, which is a new recruiter at IIMs, has made the highest number of offers to IIM-Ahmedabad students, while others such as Bank of Baroda and IDBI replaced top-notch investment banks that always grabbed the limelight at IIMs earlier.
IIM-Calcutta external relations secretary Paul Savio said banks and financial companies saw the highest acceptance at 40% during the placement exercise. This is even higher than last year when 34% of the students opted for jobs in the sector. Also, average salaries offered by these banks were close to Rs 8.5 lakh per annum.
Indian private banks recruited as many as 20 students from IIM-C this year. Similarly, at IIM-Lucknow, 40% of the offers came from the finance domain while about 39% students opted for the sector at IIM-A. The chairman of placements at IIM-L, Sushil Kumar, said, “Despite the current gloom in the financial services sector, it is good to see that banks have spruced up their recruitment at B-school campuses.”
Source:
http://economictimes.indiatimes.com/articleshow/4303806.cms
Average salary levels for management trainees have dropped by about 30% this year. “We are cashing in on the opportunity to recruit some of the best talent in the country at lower pay packages,” said an HR executive of a Mumbai-based private sector bank, who did not wish to be quoted. Pay packages for management trainees at leading private sector banks varied from Rs 12-15 lakh annually earlier while this year they ranged between Rs 8 and Rs 12 lakh.
ICICI Bank executive director Ram Kumar said the financial turmoil in the global economy is a temporary phase. “Campus recruitments have been a regular feature for us and we have hired more than 400 executives this fiscal year keeping in mind the long-term growth story,” he said.
The bank has recruited 50-60 management trainees from leading B-schools such as the Indian Institute of Management (IIM), Jamnalal Bajaj and SP Jain this year. It has also hired some 400 executives from management schools, including Welingkar and Sydenham.
Lower salaries have also prompted public sector banks to visit management institutes this year. Union Bank of India, which is a new recruiter at IIMs, has made the highest number of offers to IIM-Ahmedabad students, while others such as Bank of Baroda and IDBI replaced top-notch investment banks that always grabbed the limelight at IIMs earlier.
IIM-Calcutta external relations secretary Paul Savio said banks and financial companies saw the highest acceptance at 40% during the placement exercise. This is even higher than last year when 34% of the students opted for jobs in the sector. Also, average salaries offered by these banks were close to Rs 8.5 lakh per annum.
Indian private banks recruited as many as 20 students from IIM-C this year. Similarly, at IIM-Lucknow, 40% of the offers came from the finance domain while about 39% students opted for the sector at IIM-A. The chairman of placements at IIM-L, Sushil Kumar, said, “Despite the current gloom in the financial services sector, it is good to see that banks have spruced up their recruitment at B-school campuses.”
Source:
http://economictimes.indiatimes.com/articleshow/4303806.cms
