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Financial and economic crisis:
Bank Austria launches training initiative for recent graduates

  • A late or bad entrance in the job market can cast a shadow on the entire professional life
  • 200 new long-term training positions for apprentices, school-leavers with exam and university graduates

Against the background of the lasting financial and economic crisis, Bank Austria has launched a training initiative for young people. With the "Best Start" initiative, Austria's number one in the banking market creates around 200 new long-term training positions for apprentices, school-leavers with exam and university graduates with immediate effect. "Young people are at risk to become the big losers of the crisis", admonishes Willibald Cernko, CEO of Bank Austria, and adds, "The current economic conditions actually make it difficult for young people to enter the job market. This might have a negative influence on their entire professional life." The selection of new employees will be made in several stages from now on. The final stage is expected to take place in autumn 2011. The initiative‘s investment volume amounts to around EUR10m.

Since summer 2008, the last quarter with slightly positive economic growth, almost 70,000 jobs have been lost in Austria. Although the Austrian industry was able to report an increase in the third quarter of 2009 for the first time since then, job reduction is expected to continue until summer 2010. Another 10,000 jobs are expected to be cut. The partially considerable decline in turnover in some branches of industry and the lean economic prospects, however, not only put the labour market under pressure but also training within the companies.

"Thanks to the training guarantee provided by the Austrian Ministries for Economy and Social Affairs and the industry's efforts, Austria has so far managed to keep the number of those searching for apprenticeships without success stable in the past five years. Bank Austria wants to display solidarity and make a contribution as well", says Mr Cernko. According to OECD definition, Austria has an unemployment rate among young people of around 8 per cent and thus the lowest in the euro zone after the Netherlands. Nevertheless, only 3,537 apprenticeships were available for 6,145 school-leavers with exam in October 2009.

Bank Austria's new young employees will primarily work in the customer-oriented retail, corporate & investment banking and private banking divisions. The training period will be around 2.5 years. Continued employment beyond this period will depend on demand over time and the trainees' performance. Out of a total of 200 planned jobs, 80 are provided for apprentices and 120 for school-leavers with exam as well as university graduates. Apart from that, Bank Austria will offer up to 700 internships to young people in 2010.

Applications under www.bankaustria.com > Jobs & Careers.

Further Inquiries: Bank Austria Press Office Austria
Martin Halama, Tel. +43 (0) 50505 - 52371
E-Mail: martin.halama@unicreditgroup.at
Tiemon Kiesenhofer, Tel. +43 (0) 50505 - 52819
E-Mail: tiemon.kiesenhofer@unicreditgroup.at

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