Wall Street investment banks may eliminate training programs

7:28 PM, Sep 26, 2012   |    comments
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New York (CNN) - The school year just started, but students at some of the top business schools could find themselves without a familiar job path after graduation.

Some industry observers fear Wall Street investment banks may start eliminating their sought-after training programs.

The nervousness was sparked earlier this month, when Goldman Sachs announced it was pulling the plug on its 25-year-old program.

The two-year training gave college grads the chance to get their feet wet, learn the ropes, and earn a sweet paycheck along the way.

But with the financial crisis and the popular revolt against Wall Street, banks are being pressured to cut costs, and slashing jobs has been one quick way to maintain their profits.

Wall Street firms cut more than 75,000 jobs last year.

And analysts predict the banks will have trimmed as much as 15-percent of their staff by the end of the year.

CNN

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