Wall Street Firms Get "Chilly Reception" at Top Schools

Are the Occupy Wall Street protests having an effect on college recruiting? According to a Bloomberg Businessweek article, Goldman Sachs has cancelled some campus visits, including one to Harvard last week. Protesters, such as this group in downtown New York, have been targeting Goldman, asking the investment bank to pay more taxes (among other demands). The Occupy Harvard group was active in November, as shown in this video:

The Bloomberg article paints a picture of "strained friendships" about the issue, with some students protesting recruiting sessions, while others come to learn about job opportunities.

Goldman Sachs has been quiet about the Occupy movement, while Morgan Stanley denies any serious ramifications from the Occupy protestors. A spokesperson for the firm said, "We have not changed our recruitment activities, and we have not seen any impact on attendance." But a Harvard Crimson survey tells a different story:

About 22 percent of Harvard 2011 graduates who planned to enter the workforce were headed into finance and consulting, down from a high of 47 percent in 2007, according to a Harvard Crimson survey published in May. Half the students entering those fields said they would have chosen to work in other professions if salary weren't a concern.

Discussion Starters:

  • In what ways could the Occupy movement affect your search for a job in business?  
  • What do you think of Goldman Sachs' no-response strategy to the Occupy movement? How do you assess Morgan Stanley's response?