Banking offer: LLoyds Graduate Scheme vs Santander Credit Risk

[Dave XU]

Guys, I do need help with a big decision between the two offers.

One is from Lloyds, a management trainee who needs to go for different rotations. Even though it is said that most of the graduates will get a permanent role, it is no guarantee there. The program will be two years and cover different aspects of risk, but I will probably need to relocate to other cities.

The second offer is from Santander, which is a senior credit analyst. The role will be implementing and testing the different credit policies to validate the new policies.

The salary and benefits packages for both are pretty similar. I have been struggling for ages as I am currently living with my partner, and I do not know how to make it if I need to relocate. The Lloyds seems to be a very attractive offer, but Santander is a large bank as well. It would be great if anyone could offer any advice and help.

 

[dlockers]

Lloyds. I assume you're young?

I was in a similar situation. Unfortunately now is the time to be 'selfish' and springboard yourself. If your partner doesn't understand, bin him/her off.

 

[Selekt0r]

Having dealt a little with both of those banks over the last decade (as a consultant not an employee) I would definitely pick Lloyds. Generally a nice culture and friendly people.

 

[Hades]

I may have some relevant experience here. I have some direct experience of Lloyds and also experience of graduate trainee programmes (not at Lloyds).

I worked at Lloyds in the IT department for a long time but left in 2008. So my experience there is quite old and it may be different now. Of all the banks I've worked for I found them the best employer (although I have heard different opinions from people and inevitably it really depends on your local manager and the job). I loved it and would work there again. I did have my reasons for leaving which I won't go into right now. But I would certainly go back for the right role. I believe Lloyds have head office locations in London, Manchester and Edinburgh with a few other locations dotted around.

I have also been part of the graduate recruitment team in the IT department of a different large bank. I'm not going to say which bank but it's a massive US bank which has a small presence here. This was on the investment banking side rather than the retail banking side where I was with Lloyds). But the industry has so much cross pollination of staff that I expect most graduate schemes work in a similar way and it's likely that Lloyds and Santander are probably similar. You are right that there is no guarantee of a role at the end. But most graduates do get a permanent role. Again I can't promise that Lloyds or Santander work this way, but the grads were expected to work in three different roles during their first two years. At the end of each rotation they contacted several of the other hiring managers to express an interest and then the hiring managers discussed between them where people would be rotated to. At the end of the two year period they would either be advised they did not meet a sufficient standard and were let go, or were offered one of the roles they had worked in. In most cases, at this bank, the grads did get a permanent role at the end although a small number were let go. It certainly wasn't a case of using people for two years and then swapping all the grads for a different set. It really was about finding and building the right people for the future.

Keep in mind that you will have reduced employment protection in the first two years in any job. Even if you are recruited full time not on a grad scheme any company can fire you before two years with little trouble. That's because you only get employment protection after two years. So while one of these jobs may seem more secure, it may not necessarily be so. If you underperform in either company then you could be out. That's probably why graduate schemes are two years.

If I were in your position I would look carefully at which of the two jobs gets you where you want to be in 5 years time. Take the job which gets you there. From my experience Lloyds is an excellent employer although I would be surprised if Santander were very different. Lloyds is the bigger bank in this country but Santander is very large in Europe. Is the potential for relocation to Europe a possible future interest? I would happily return to Lloyds and wouldn't have any objection to working for Santander.