Weill opens academy for financial hopefuls

But he went there last week to launch a new Academy of Finance at Lewisham College, which runs vocational courses.

The academy, which will run for one hour every day over two years, aims to groom local teenagers for employment in financial services.

Subjects include macroeconomics and how to use a Bloomberg machine.

All its students will be assured of a two-month paid internship with companies sponsoring the scheme.

In addition to Citigroup, these include Credit Suisse First Boston and the UK's Financial Services Authority.

Entrance is by written essay and interview. Guildford College of Further Education in Surrey, and Sir George Monoux sixth-form college in Waltham Forest, London, are also taking part. More schools may follow.

Weill launched the first Academy of Finance in New York in 1982. In the US, more than 232 schools now participate in over 32 states.

He says: 'Academies are a win-win vehicle for students and the business community alike.

'Young adults learn how an industry really works and develop a rewarding career path, while businesses benefit from enhanced community participation and help create a pool of highly talented potential employees.'

A spokesperson for Citigroup says the academy is not a means of finding new recruits for its back office. 'We are hoping to raise aspirations among young people. In the US more than 90% of academy participants go on to university.'