Changes on Wall Street

An interesting article that i read and wrote its summary..

Source: Fortune Magazine

Author: Emily Jane Fox

Date: 26^th September, 2012

Topic: Changes on Wall Street ahead for students

Page Source: CNNMoney - Business, financial and personal finance news.

http://money.cnn.com/2012/09/26/investing/wall-street-students/

Summary:

The article states that in September, 2012, Goldman Sachs has announced the termination of the two-year market analyst training program. This has worried the students, who were yearning for training programs in the investment banks. The decision might prove devastating for the investment banks under financial crisis, especially now, when the global economy is facing a deceleration. Job laceration is an old trend of the banks for profit-conservation, though this reason for job slash by Goldman Sachs is being denied by its spokesman, David Wells. Despite of the economic and reputation downfall, the students, especially under-graduates prefer jobs in their firms because of the quick-recruitments and heavy payments. The Head’s of many business institutes have exhibited fretful reaction towards this decision, as it would deprive the under-graduate of the career training and may hamper the attainment of their Master’s degree.

This article might gain attention of the students of business studies, because those going for internship this year might be hoping for recruitments in the Wall Street firms. The Wall Street is a big name in the investment industry. The major reason of its preference is the financial problem and high indebtedness of the students during the attainment of a degree. Secondly, it prepares the under-graduates for an excellent vocational experience in finance. If the students lack appropriate training, they will be in a great loss. As Michael Useem (director of the Wharton School of Business' Center for Leadership and Change Management.) said, "Because of the lack of tutoring that people receive from one of the best banks out there, there's going to be a little less knowledge of how to do it well, Goldman-style."

This article will be helpful in saving time and preparing the minds of the under-graduates for searching internships at firms other than Wall Street.

Namra Nasir