Would-be bankers set for bruising ride

By Sylvia Westall and Olesya Dmitracova

FRANKFURT/LONDON - (Reuters) - Before they even start working 80-hour weeks, graduates sense tougher times in investment banking, and either by choice or necessity, some are already planning careers elsewhere.

Financial companies have slashed at least 70,000 jobs in the United States and Europe as a result of the credit crisis, making students uneasy as they face the reality of a sector which looks more bruising and less lucrative than a year ago.

Banking has been a popular choice among graduates in recent years. Five of the top 30 most desirable recruiters in Europe are banks, with Deutsche Bank leading the pack, according to a 2007 survey of some 40,000 students by Berlin-based research firm Trendence.

Although there is no evidence to suggest graduates are turning away en masse, universities are concerned for next year's intake and, with banks such as Citigroup and Bear Stearns cutting jobs, some students are less keen.

"The more I met people from the investment banking sector, the less I liked what I saw," said 21-year-old Marion Deneuville, a London School of Economics student who investigated jobs with large investment banks such as Goldman Sachs, JPMorgan and Merrill Lynch.

"You used to be able to move up to the next level in a bank after three to five years, but that's not guaranteed now, they are letting people go.

"It's always been incredibly competitive and now it's even harder. The perks, like big expense accounts to balance out the 80-hour weeks, are gone."

Instead, she has opted for a consultancy job.