110,000 students applied for jobs at Deutsche Bank despite management changes and cuts

  • Graduate applications for Deutsche bank rose 20% this year.
  • Data collected by the Financial Times showed applications for other banks including Morgan Stanley, Citigroup and UBS are also up with many increasing graduate places available.
  • The figures show appetite among millennials is still strong for the jobs, even in the face of an uncertain and imperfect banking climate. 

Deutsche Bank saw 110, 000 student applications for its graduate scheme this year despite management turmoil, according to data from the Financial TImes.

The numbers, up 20% in a year, show conditions at DB have not dampened ambition among millennial students to win a graduate place at the bank even in light of the sudden departure of former CEO John Cryan and 7,000 job cuts.

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Deutsche Bank CEO John Cryan during a TV interview after the bank's annual news conference in Frankfurt, Germany, February 2, 2018. REUTERS/Ralph Orlowski
Deutsche Bank CEO John Cryan during a TV interview after the bank's annual news conference in Frankfurt, Germany, February 2, 2018. REUTERS/Ralph Orlowski
Deutsche Bank CEO John Cryan during the bank's annual news conference in Frankfurt, Germany, February 2, 2018. REUTERS/Ralph Orlowski
CEO of Deutsche Bank, John Cryan speaks during the 27th European Banking Congress at the Old Opera house in Frankfurt, Germany November 17, 2017. REUTERS/Ralph Orlowski
Deutsche Bank CEO John Cryan addresses the bank's annual news conference in Frankfurt, Germany, February 2, 2018. REUTERS/Ralph Orlowski
CEO of Deutsche Bank, John Cryan attends the 27th European Banking Congress at the Old Opera house in Frankfurt, Germany November 17, 2017. REUTERS/Ralph Orlowski
Deutsche Bank CEO John Cryan attends the German Banking Congress in Berlin, Germany, April 6, 2017. REUTERS/Fabrizio Bensch
Deutsche Bank CEO John Cryan attends the German Banking Congress in Berlin, Germany, April 6, 2017. REUTERS/Fabrizio Bensch
Deutsche Bank CEO John Cryan addresses the bank's annual general meeting in Frankfurt, Germany, May 19, 2016. REUTERS/Kai Pfaffenbach
Deutsche Bank new Chief Executive John Cryan addresses a news conference in Frankfurt, Germany October 29, 2015. Deutsche Bank said it was reducing its workforce by 15,000 as Cryan seeks to improve returns at Germany's biggest bank. The lender said it would axe 9,000 full-time jobs and 6,000 external contractor positions. REUTERS/Kai Pfaffenbach
FILE: John Cryan, chief executive officer of Deutsche Bank AG, poses for a photograph during the European Banking Congress on the final day of Frankfurt Finance Week in Frankfurt, Germany, on Friday, Nov. 17, 2017. Deutsche Bank AG is considering candidates to potentially replace John Cryan amid heightened tensions between him and Supervisory Board Chairman Paul Achleitner, the Times of London reported without saying where it got the information. The bank approached Richard Gnodde, the head of Goldman Sachs Group Inc.s international operations, but hes thought to have spurned the overture, the newspaper said. Deutsche Bank also considered UniCredit SpA CEO Jean Pierre Mustier and Standard Chartered Plc CEO Bill Winters, according to the report. Our editors select the best archive images for the Deutsche story. Photographer: Alex Kraus/Bloomberg via Getty Images
John Cryan, chief executive officer of Deutsche Bank AG, speaks during a Bloomberg Television interview as the bank announces fourth quarter results in Frankfurt, Germany, on Friday, Feb. 2, 2018. Germany's largest lender just closed out another year in the red, with revenue that declined to the lowest in seven years in the fourth quarter. Photographer: Andreas Arnold/Bloomberg via Getty Images
FRANKFURT AM MAIN, GERMANY - FEBRUARY 02: John Cryan, CEO of German bank Deutsche Bank, speaks to the media over the company's 2017 preliminary financial results on February 2, 2018 in Frankfurt, Germany. Germany's largest commercial bank, suffered losses of close to half a billion Euros in 2017 and higher than analysts expected. Cryan blames the negative result on the recent tax overhaul by U.S. President Donald Trump. Deutsche Bank, which is Germany's largest commercial bank, has been struggling with losses since 2014. (Photo by Thomas Lohnes/Getty Images)
John Cryan, chief executive officer of Deutsche Bank AG, pauses during a fourth quarter results news conference in Frankfurt, Germany, on Friday, Feb. 2, 2018. Germany's largest lender just closed out another year in the red, with revenue that declined to the lowest in seven years in the fourth quarter. Photographer: Andreas Arnold/Bloomberg via Getty Images
John Cryan, chief executive officer of Deutsche Bank AG, speaks during the European Banking Congress on the final day of Frankfurt Finance Week in Frankfurt, Germany, on Friday, Nov. 17, 2017. European Central Bank President Mario Draghi, who has for years struggled to combat low inflation in the region, reiterated on Friday that a key issue keeping prices down is that wages arent rising.�Photographer: Alex Kraus/Bloomberg via Getty Images
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Applications also increased for Deutsche Bank's rivals in the UK including Morgan Stanley, Citigroup and UBS, which announced an increase in its hires by 50% to 100 graduates despite the impacts of Brexit.

Barclays is also set to hire 500 graduates this year up from 450 in 2017, the FT reported.

Since the 2008 crisis graduate recruitment in the banking sector has seemed uncertain, with fewer Oxbridge and Ivy league candidates applying for jobs, in part sparked by reports of poor working conditions and increased negative publicity about the financial sector.

“We had all of the top universities pre-crisis . . . now [our demand] is more varied. We’re going broader in terms of the places where we source from,”  Manolo Falco, Citi’s head of EMEA corporate and investment banking told the Financial Times.

Falco added that efforts to promote a better work life balance has made a difference to interest and applications, although the industry is still tough. “You can’t hide it; banking is a hard-working kind of industry. Even with all of what we’ve done, it’s high intensity over long hours,” he said.

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