Morning Coffee: Deutsche Bank’s brave method of hiring young bankers. The finance job Jenga tower
Twitter hasn’t been the greatest friend to investment banks. J.P. Morgan’s infamous #AskJPM in 2013 resulted in a deluge of abuse and most banks have taken a relatively corporate approach to social media ever since.
Three years later and Deutsche Bank is embracing Twitter to target new graduate recruits, according to the FT. Member of a finance society and tweeting about your preferred football team or the latest meme? Don’t be surprised to see an ad asking you to consider a career at Deutsche Bank.
In a new form of digital headhunting, Deutsche has targeted students at about 30 of the universities it already recruits from on both Twitter and LinkedIn. Most are also involved in the right clubs and societies. J.P. Morgan, meanwhile, is trying Snapchat.
“We can identify and approach people very, very quickly,” Faye Woodhead, head of graduate recruitment at Deutsche Bank told the FT. “We can teach them [about the bank] and they decide whether it’s something they want to do not.”
Woodhead said the people who ended up on Deutsche’s recruitment radar online were different profiles from those it ended up hiring from more traditional routes. Banks have been scratching their heads on how to target graduates that don’t fit the usual cookie-cutter recruits, and Deutsche claims to have unearthed some talent it might not have found otherwise.
No trolls to be found.
Separately, six months on and Brexit is starting to get real. Or at least senior finance executives are getting more specific about the threat it poses to the industry.
Not only will 232,000 clearing jobs go from London if the UK government fails to implement a transition strategy, Xavier Rolet, CEO of the London Stock Exchange told a Treasury Select Committee, but financial stability generally could be threatened.
HSBC’s chairman Douglas Flint said (again), that 1,000 jobs at the bank could go to Paris (or Ireland or Holland) before the Article 50 negotiations finish if the UK fails to secure passporting rights, but says it's not just about moving a few jobs. "The ecosystem in London is like a Jenga tower. You don’t know if you pull one brick out what will happen," he said.
What do financial services firms want? A three-year transition deal, of course.
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