Lunchtime Links: MBA students turned away by US banks

20 May 2009

1 minute read

Lunchtime Links: MBA students turned away by US banks

If life weren't hard enough already for the average MBA student with 30k of debts and uncertain job prospects, a little article in today's Financial Times will make things seem a little harder. The FT quotes Jamie Dimon, who apparently told the JPMorgan shareholder meeting that due to TARP-related restrictions on hiring foreign workers, he's had to "look 40 or 50 overseas [graduates] in the eye" and tell them their job offers have been rescinded. A careers officer at an illustrious European business school confirms that this is indeed the case, but insists that banks in Europe are picking up the slack.

Banks paying bonuses out of life insurance. (Wall Street Journal)

Nomura hires someone from Goldman. (Financial News)

Ken Lewis made a packet out of those BofA shares. (Dealbreaker)

BofA raises $13.5bn. (Financial Times)

BofA still needs to raise $17bn. (CNN)

Morgan Stanley revives old Wall Street. (Wall Street Journal)

How I became a famous economist. (Krugman)

Rural GPs earn 115k before tax. (The Times)

Drunken traders' trading frenzy (one trade every 7.5 seconds for one hour) costs him 105k, plus his job. (The Times)

AUTHOReFinancialCareers UK

Insider Comment

NY
NYbrit
27 May 2009
to dd,
it has always amazed me that Britain has always tried to open up UKimmigration to people from around the world....behaving as if we are USA. We are not.
We are a middle sized european nation whose economy is dependent on integration with rest of the european continent. Not a world power where London based investment bankers think they rival bankers based in their NY headquarters.
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dd
dd
26 May 2009
Mind you, it is interesting to see that the UK Govt's relatively recent and widely publicised "overhaul and improvement" of the immigration system, nominally moving towards an open Australian-style points-system, has in actual fact "Gurkha'd" the rules so as to keep out non-asylumseekers. The revised Tier 1 HSMP (highly skilled migrant programme) has had the details of the rules and procedures adjusted so as to prevent people applying for it/getting it. Nice one, kids.
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dd
dd
26 May 2009
@SageofOmaha: "Given two almost equal candidates most will hire UK citizens because of the hassle it is to hire foriegn graduates." -- this is a myth propagated by HR parasites. The total hassle in sponsoring someone, is dropping a job ad onto say Bloomberg and filling out a single-sided A4 form. Or: just throwing the form at the corporate lawyer. This whole "we only want to see candidates with valid UK work permits because it's so-oooooo much hassle to get visas" is just complete bullsh*t. and yet: it's HR's standard line.
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Sh
Shadow
21 May 2009
Marginalproductivity,
taking the top 10% of each country...
Lehman Brothers was such a company doing just that.....did you buy and hold their stock? ;-)
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ma
marginalproductivity
21 May 2009
Totally agree with SageOfOmaha. Bear in mind that those foreigners that you would find within the industry have gone through tougher filters than most of the Brits - they need to speak a foreign language at business level to begin with. If just the best entered the market you would see less Brits and more foreigners - not because Brits are not good but because there are lots of brilliant foreigners queuing up! It is all about, say, taking the top 10% of each country... I'd buy the stock of a company with such a composition.
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