Goldman Sachs was flooded by 250,000 job applications from millennials

Goldman Sachs is clearly a company that would-be financiers want to work for, after the investment bank attracted more student and graduate job applications than it could ever employ.

The investment bank told the Financial Times that it received more than 250,000 job applications for summer positions this year — which is 40% higher than 2012.

The vast majority of applications it received are likely from millennials — those aged 18-34 — due the number of applicants for summer jobs and new analyst positions.

Goldman revealed that 223,849 undergraduates applied for summer jobs and new analyst positions in 2016, up 46% from 2012. Meanwhile, 30,542 studying for or completing their MBAs applied for jobs on the next wrung of the ladder as associates, a 15% rise since four years ago.

However, Goldman did not give the FT application numbers for before the onset of the financial crisis of 2007/2008.

In the same report, other Wall Street titans gave some job application figures, although the numbers given were not as detailed as those of Goldman Sachs:

Bank of America Merrill Lynch — Only 3% of applicants for its investment banking division were offered a job.

Citigroup — Only 2.7% of job applicants for analysts and associate positions in its investment banking division got a job offer.

Deutsche Bank — Deutsche hired 9% more interns than a year ago after receiving a 14% increase in applications globally for its investment banking division.

JPMorgan — Only 2% of job applicants for its investment banking division would be offered a job. It received 40% more graduate applications for this unit than in 2014.

Morgan Stanley — It receives around 8,000 applications for just over 100 positions each year.

It is perhaps unsurprising why so many students have flooded Goldman with job applications. In November last year, a survey by Emolument, which collects data on pay, showed that Goldman Sachs was the number one bank students wanted to work for.

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