I see a lot of very young folks have been joining lately. I'm assuming the reason is either they're cheap and we all know the bank wants to cut costs any way it can or we're at the point where nobody with experience wants to join so we don't have any choice in hiring. Either way, my advice to them is to leave as soon as they can. Even if it's your first job, there's nothing for you here. You will see no career progression and you'll be discarded like yesterday's trash without a moment's notice. Stay here while looking for something better but then run and don't look back. Take it from somebody who's been here for too long and is now regretting it.
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Why some young people are joining and staying for a short while: with so many bosses quitting or working from home, it is party time. Add on "work" from home and it is pretty stress free.
What makes you think recent college graduates are cheap? We pay them as much as some 20+ year veterans.
In the past, college recruits only joined every summer, but now it has been expanded to also include a winter batch.
BNYM was known for having an older aged staff on average compared to other companies, so they're just trying to bring it down.