City Exec Warns AI Hiring Crisis Threatens Gen Z’s Future
URGENT UPDATE: A top City executive has sounded the alarm on the devastating impact of AI-driven hiring practices on a generation of graduates, warning that Gen Z is reaching a breaking point. In a startling LinkedIn post, Quentin Nason, vice chair of the London Foundation for Banking and Finance and former managing director at Deutsche Bank, revealed that the graduate recruitment system is “broken for both sides,” creating a crisis that could have explosive consequences.
Nason’s comments come as the job market, post-pandemic, was expected to reward hard work and education. Instead, it has turned into a “meat grinder,” with candidates facing overwhelming rejection amidst a flood of applications. “Many tell me they’ve applied for 150 or more roles and still have nothing to show for it,” he stated, reflecting a grim reality faced by countless young job seekers in the City of London.
The reality of AI hiring is stark: recruiters, inundated with tens of thousands of applications, are increasingly relying on AI tools to filter candidates before human review. This has resulted in a staggering norm of 5,000 candidates for just five jobs. Meanwhile, applicants leverage AI technology to create flawless CVs and cover letters, leading to an endless cycle of automation and rejection that traps qualified graduates in a state of digital limbo.
The emotional toll on Gen Z is significant. Nason emphasized, “This generation is not built to withstand that level of rejection.” Many graduates, burdened by student debt averaging £50,000 ($67,000), find themselves locked out of opportunities they were promised. The clock ticks relentlessly on their loans, likened by Nason to “PIK notes in disguise” that grow more daunting with each passing day. As AI continues to eliminate entry-level roles, the prospects for these young people are dwindling.
Nason drew a sobering comparison to recent unrest in Nepal, where frustration over joblessness erupted into violent protests. “Gen Z burned down Parliament and toppled the government,” he cautioned. While such extreme measures may seem far-off in the UK, he warned that the social contract promising prosperity for education is fraying, with AI exacerbating the situation.
Despite a few tech leaders claiming that Gen Z’s fluency with AI presents unprecedented opportunities, the reality inside major employers tells a different story. PwC UK has slashed graduate recruitment from 1,500 to 1,300 hires and Deloitte UK has also reduced its intake, signaling a worrying trend as AI reshapes the job landscape.
As Nason concluded, “Something has to give, and soon.” The urgent demand for reform in the recruitment process is clear; the future of an entire generation hangs in the balance. The implications are profound, and as this story develops, all eyes will be on the City of London and its graduates.
This situation calls for immediate attention and action from both policymakers and corporate leaders to avert a potential crisis that could reverberate far beyond the financial sector.
