Big banks lose favour with Hong Kong students
Layoffs and lower profits cut attraction of European and US giants as employers
Big global banking firms such as Goldman Sachs and Morgan Stanley have lost their appeal among Hong Kong business students as the most attractive employers, with declining profits and persistent lay-offs dampening their attractiveness.
In contrast, Hong Kong and Asian banks rose in popularity among students, according to a survey by the Stockholm-based consultancy Universum due to be released on Wednesday.
Universum polled the opinions of students in the six months to May and found that the popularity of nearly all European and American banks fell compared to their standings in its previous survey last year.
Goldman and Morgan Stanley each fell 10 places to 19th and 17th respectively in the Top 100 ideal employers rankings, while Bank of America Merrill Lynch declined seven places to 31st and Credit Suisse dropped 17 places to 44th.
Royal Bank of Scotland lost most ground, falling 23 places to 72nd.
Although Asian banks still ranked below their international counterparts as ideal employers, they gained in popularity.