Goldman Sachs to Take First 10 Apprentices

Article excerpt

Byline: David Cohen

ONE of the most prestigious investment banks today became the first to sign up to the Standard's campaign to help jobless young Londoners into work.

Goldman Sachs has agreed to take 10 apprentices for one year "starting as soon as possible" and urged the City to "step up" and follow suit by backing our Ladder for London initiative "with action, not just words".

Each Goldman Sachs apprentice will be paid the London living wage of [pounds sterling]8.30 an hour for 30 hours a week, earning a salary of [pounds sterling]12,950 while receiving on-the-job training. They will also get off-site training one day a week for their NVQ with our campaign partner City Gateway.

Michael Sherwood, co-chief executive of the bank, said: Continued on Page 2 "We have never done anything like this before, but it feels like the right thing for us, and for the City, to do. We're all lucky to live in London, we've enjoyed a wonderful Olympics, but as the Standard's excoriating expose on the young jobless showed last week, not everyone has benefited.

"As a large firm with significant resources, we believe it is right that we step up and commit to taking apprentices.

We think the Standard's visionary campaign is the way to do it."

Goldman Sachs is notoriously tough to get into, Mr Sherwood admitted, employing only the brightest graduates, but he was confident that the opportunity of taking 10 apprentices, trained by Tower Hamlets charity City Gateway, would be a huge success.

"We are taking 10 people who barely finished high school into a firm of 5,500 where almost everybody has a degree, but I am confident it will work because we have supported City Gateway over the last five years and we know they are the best at what they do. We think that apprentices who come through their rigorous training programme will do well at Goldman Sachs. …