| Wednesday, 17 Sep 2008
IITians may keep off finance majors
Chennai: This time last year, Lehman Brothers inspired awe in
every IITian worth his salt in Madras. And not without reason.
The global investment bank offered plum profiles ranging from
associates to junior analysts with pay packets starting from
Rs 8.5 lakh per annum. Eleven, including Karthik N, had their
prayers answered last December.
It hardly seems the case this year after Lehman filed for bankruptcy
on Monday, revealing $639 billion dollars worth assets to be
realised. The development is sure to hit the crème-la-de-crème
of IITs and IIMs, a major recruiting ground for international
financial giants such as Lehman Brothers, Goldman Sachs and
JP Morgan Chase.
Last year, 11 students from IIT-Madras were recruited by Lehman
but this year, the placement coordinating cell is unsure of
pulling off the same results. "We haven't received any
communication from Lehman on their future recruitment plans,"
says Lt Col (retd) Jayakumar, deputy registrar, training, placement
and public relations office, IIT-M. The premier technological
institute, however, claims that if Lehman were to pull out this
year, it wouldn't be a major concern as only an average of 16
students get absorbed for its India operations.
The situation is starkly different at IIM, Bangalore, where
six pre-placement offers have been issued to the graduates by
Lehman Brothers and Merrill Lynch. Between the two companies,
13 students were placed in New York, London and Hong Kong last
year. While those recruited by Merrill Lynch can still be hopeful
after the latter was rescued by Bank of America, those with
Lehman might be more unfortunate. Lehman, according to industry
reports, is looking to sell its holdings in Asia in a phased
manner.
"Students joined these firms for the roles, and companies
scout for the best talent which is what an IIM provides,"
says Dr Keyoor Purani, chairperson, placements at IIM, Kozhikode.
Over 15% of the 2008 batch from this Bschool have already been
placed with investment banks.
Courtesy: Times Of India
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