Skip to content
Search

Latest Stories

Goldman opens trading floor for students to promote social mobility

Goldman opens trading floor for students to promote social mobility

GOLDMAN SACHS has teamed up with Queen Mary University of London to train apprentices directly on its trading floor to boost social diversity in the financial sector.

Expected to start in September next year, the programme provides students with paid on-the-job training with study over four years.


It offers students a chance to gain hands-on experience in a sector still struggling to attract candidates from less-affluent backgrounds, a Guardian report said.

While the scheme, believed to be the first of its kind in the UK, is open to students of all educational backgrounds, its focus will be on candidates from state education.

In addition to salaries, selected candidates will also be eligible for a bonus from the American investment bank and financial services company.

It will pay for relocation and books and laptops of the trainees, who will also study at Queen Mary’s school of economics and finance for two one-week “teaching sprints” per semester.

The scheme comes after a KPMG study in 2019 found that 41 per cent of people working in finance had their parents in the same sector, raising concerns about a lack of access to top-level roles for less-privileged people.

Goldman’s managing director in global markets, Daniel Freckleton, said the industry was not doing enough to attract students from diverse socioeconomic backgrounds.

“There is, of course, an interplay between socio-economic background and ethnic minorities, so working to improve social mobility in our recruitment process is likely to have knock-on benefits to our racial diversity too,” Freckleton, who is the main sponsor of the apprenticeship scheme, told the newspaper.

“We want to attract the brightest and best students from as diverse a talent pool as possible – that’s a diversity of socio-economic background as much as anything else.

“Unfortunately, we’re currently missing out on a lot of this talent, either because students are put off by the traditional recruitment process, the financial barriers of university study, or simply because they are not aware of the kinds of jobs that Goldman has to offer them,” he said.

More For You

Pakistan seeks £3.4bn bank loan to tackle mounting energy sector debt

Pakistan’s government is the largest shareholder or owner of most power companies

Pakistan seeks £3.4bn bank loan to tackle mounting energy sector debt

Eastern Eye

PAKISTAN government is negotiating a 1.25 trillion Pakistani rupee (£3.4 billion) loan with commercial banks to reduce its bulging energy sector debt, the power minister and banking association said.

Plugging unresolved debt across the sector is a top priority under an ongoing $7bn (£5.4bn) International Monetary Fund (IMF) bailout, which has helped Pakistan dig its way out of an economic crisis.

Keep ReadingShow less
Deliveroo posts first annual profit after 12 years

A Deliveroo rider near Victoria station in London, England. (Photo by Dan Kitwood/Getty Images)

Deliveroo posts first annual profit after 12 years

FOOD DELIVERY app Deliveroo announced on Thursday (13) its first annual profit as orders and revenue rose, while the 12-year old company sees further growth despite exiting Hong Kong.

The milestone follows sizeable full-year losses owing to high investment costs since American Will Shu founded the company in 2013 and made Deliveroo's first delivery in London.

Keep ReadingShow less
JLR-Tata-Getty

JLR had initially planned to manufacture more than 70,000 electric vehicles at the facility. (Photo: Getty Images)

JLR halts plan to build EVs at Tata’s India plant: Report

JAGUAR LAND ROVER (JLR) has put on hold plans to manufacture electric vehicles at Tata Motors’ upcoming £775 million factory in southern India, according to a news report.

The decision was influenced by challenges in balancing price and quality for locally sourced EV components, three of the sources said. They added that slowing demand for electric vehicles was also a factor.

Keep ReadingShow less
Government to abolish payments regulator to boost growth

Keir Starmer (R) and Rachel Reeves host an investment roundtable discussion with members of the BlackRock executive board at 10 Downing Street on November 21, 2024 in London, England. (Photo by Frank Augstein - WPA Pool/Getty Images)

Government to abolish payments regulator to boost growth

PAYMENTS REGULATOR will be abolished and its remit absorbed by another financial regulator, the government said on Tuesday (11), as it aims to cut red tape in favour of growth.

The Payment Systems Regulator (PSR), which oversees systems including MasterCard and bank transfers, tackles problems such as fraud, excessive fees and lack of competition among banks and payment providers.

Keep ReadingShow less