Lloyds CEO says industry must address young people’s perception of banks urgently. In a speech this evening at Oxford University’s Saïd Business School, António Horta-Osório, Chief Executive of Lloyds Banking Group, will candidly discuss the reputational impact of the financial crisis and how that is having a negative impact upon the banking industry’s ability to recruit young people.
The speech coincides with research* from Lloyds that reveals a potential talent drain as banking's negative reputation impacts recruitment: Over one quarter of students (28 percent) surveyed, would be too embarrassed to tell friends if they are going to work in a bank. 41 percent of students responding to the survey distrust banks and financial services providers and 56 percent trust banks less than they did five years ago. Respondents were more likely to choose a career in the Public Sector (26 percent) rather than banking/financial services (two percent). One in every two students questioned (58 percent) thinks that an organisation’s reputation will influence their career decision.
Commenting on the research, António Horta-Osorio, said: “We need to take steps as a sector towards rebuilding our reputation through how we behave and what we do. In tandem with this we urgently need to address the perception of banking as an attractive career opportunity for young people. The next generation should see banking as an industry that helps to build economic wealth and is playing its part as a useful member of our local communities. “We want the best and the brightest to see banking as a credible career choice. This is vital for the industry’s long-term viability.” Mr Horta-Osório will also set out how Lloyds is committed to helping to change perceptions of the industry.