China’s «big four» banks are bolstering mainland employment by increasing hiring targets for fresh grads and kicking off recruitment early.
Industrial & Commercial Bank of China, Bank of China, China Construction Bank (CCB) and the Agricultural Bank of China (ABC) launched campus recruitment in August, three months ahead of the traditional November hiring period, according to a «Bloomberg» report citing local ads.
CCB will seek to hire 16,000 fresh grads, up over 20 percent from 13,000 last year. Bank of China will up its target by 15 percent to more than 10,000 fresh grads while the Agricultural Bank of China has already hired 4,500 during the spring period.
Collectively, the four largest banks in China employ 1.6 million people.
Social Responsibility
The move is being viewed by some as an effort to bolster employment in mainland China amidst ongoing calls by Beijing for banks to provide more support to the general public.
The calls include more financing to small and medium-sized businesses, salary cuts and even major profit sacrifice earmarked at 1.5 trillion yuan ($220 billion), or the equivalent of 75 percent of 2019’s full-year net profit.
Last weekend, the China Banking and Insurance Regulatory Commission (CBIRC) said that the banking sector had already sacrificed more than 870 billion yuan ($126 billion) of profits in the first seven months of this year.
