China’s megabanks ramp up hiring despite declining profits
Even as they deal with plummeting earnings and inflating bad debt, China’s four largest state banks have launched their recruitment drive for fresh graduates to boost employment.
As in previous years, the four largest state banks led by Industrial & Commercial Bank of China kicked off their autumn campus hiring in August rather than November.
China Construction Bank is also planning to add 16,000 graduates this year, up from 13,000 last year; while Bank of China, according to their advertisements, will ramp up its hiring by 15 per cent to over 10,000.
The Agricultural Bank of China has already hired 4,500 people during the spring round.
A record 8.7 million Chinese are graduating in 2020 and will need to compete with thousands of unemployed workers for the limited job slots remaining at companies.
Together, the four banks employ 1.6 million people, and Construction Bank’s recruitment strategy alone approaches the combined staff additions made by the largest US and European banks in the first half of this year. According to job ads on their websites, the lenders are mainly looking to hire for customer service, wealth management, and information technology.