Goldman Sachs reaches record breaking number of student applications for this summer
The rumors of big banks turning off new grads and hopeful applicants due to their rigorous nature and notoriously difficult hours and practices seem to be false.
Goldman Sachs reported to the Financial Times that they've received nearly 250,000 summer applications this year.
That's thousands of candidates more than the bank could ever hope to employ.
The quarter of a million applications this summer was divided amongst around 223,000 undergrads that were applying for summer internships and new analyst positions (up about 46 percent since 2012) and about 30,000 MBAs applying for summer jobs and new associate positions (up about 15 percent).
This trend of increased applicants can be seen across many big banks on Wall Street, as a direct result of companies introducing and implementing more lenient and employee-friendly policies to rid themselves of the reputation of overworking employees, especially summer interns and entry-level analysts.
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Bernie Toole, head of Investment Banking at Selby Jennings, a recruiting group, explains:
"Before [big banks] used to churn analysts, now they are trying to attract and retain them by introducing a more positive culture, with perks and more flexible working practices."
Goldman reported that it hired around 9,700 employees across all levels last year.
JPMorgan and Deutsche Bank each also reported an increase in applicants, 40 percent for JPMorgan since 2014 and about 14 percent globally for Deutsche Bank.
Now, take a look at the top 10 highest paying companies this year:
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