Market News

HSBC and Deloitte have reportedly withdrawn job offers to foreign graduates of UK universities, according to reports, as the impact of new visa rules continues to disrupt recruitment across the economy.

The retractions have been driven by a significant uptick in the salary that a “skilled worker” needs to be paid – from £26,200 to £38,700 for those under 26 years of age- in order for them to stay in the country.

KPMG pulled a similar move last month.

The changes have forced employers to reconsider job offers for those below the salary threshold, particularly affecting those just joining the workforce.

Whilst this is disappointing for both the candidates involved and for HSBC we are required to follow the regulations of every market we operate in.
HSBC spokesperson

The Financial Times first reported the story.

HSBC hires around 700 graduates every year.

The FT reported that HSBC’s decisions affected those in the “digital innovation” division based in the Sheffield office. Deloitte are reported to have withdrawn offers from around 35 foreign students.

Earlier this week business groups sounded the alarm on the new rules, saying uncertainty over whether or not graduates could stay in the UK risked undermining the higher education sector.

Karim Fatehi, chief executive of the London Chamber of Commerce and Industry (LCCI), said: “In London alone, international students bring £9.59bn of net economic gain each year and we are greatly encouraged by the recommendation that the route should remain as it is.”

He added: “At a time when skills gaps are crippling the workforce, the government must do everything in its power to alleviate this pressure on businesses.

“This includes enriching the UK’s academic environment so there are workers to fill these shortages post-graduation.”

HSBC told the FT that “due to changes in the rules covering those seeking sponsored visas to work in the UK we are unable to take forward a small number of offers to candidates as part of our graduate scheme this year. Whilst this is disappointing for both the candidates involved and for HSBC we are required to follow the regulations of every market we operate in. We are currently in discussions with those impacted.” Deloitte declined to comment.