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No Degree, No Problem for StanChart’s First Apprentice Traders

July 26, 2021, 12:51 PM

Standard Chartered Plc is targeting school-leavers without university degrees in a bid to make its investment bank more diverse.

The lender’s first six apprentices are joining its London trading floor Monday without meeting the academic requirements of other entry-level jobs, according to a company statement.

Apprentices will initially be put through a three-year training program, separate from the bank’s existing graduate track.

“To be truly diverse and inclusive, organizations need to re-think their approach to talent management and resourcing,” said Henrik Raber, global head of credit markets at Standard Chartered. “We recognize that passion and ability cannot always be measured by academic performance alone. We are proud to lead the charge on a path that will hopefully provide greater opportunities to all.”

Jobs in investment banking have generally become the preserve of students from elite colleges around the world as banks have fought to recruit only those with the most glittering academic resumes, an approach that’s done little to boost the industry’s chronically low diversity levels.

Standard Chartered’s apprentices will be paid a base salary of 28,000 pounds ($38,629) --well below the six-figure packages some banks are now offering to lure the brightest to work on their trading floors. The bank also said it will provide recruits with initial payments to cover expenses such as travel and business clothes.

To contact the reporter on this story:
Harry Wilson in London at hwilson57@bloomberg.net

To contact the editors responsible for this story:
Tom Metcalf at tmetcalf7@bloomberg.net

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