Spanish bank Santander’s UK business is dropping grade requirements for its graduate scheme.

The bank had previously required graduates applying to work there to achieve a 2:1 degree or higher, but is now abandoning this in an effort to boost the socioeconomic diversity of its recruits.

The change will lead to an extra 64,000 additional applicants being eligible for the annual graduate scheme, Santander said, highlighting that academic performance does not guarantee workplace success.

The bank has pledged to increase the proportion of employees from lower socioeconomic backgrounds in senior roles to 35 per cent by 2030 from a current proportion of 28 per cent.

Only 68 graduates will be recruited to the programme in 2023, but those successful will receive career coaching and mentoring, and will be offered a permanent role at the end of the scheme.

Commenting on the announcement, Anouska Ramsay, HR director at Santander, said: “Academic achievement is important, but it is only one of many factors we look at when searching for new talent. We believe potential can be found anywhere and this move reinforces our commitment to finding the best candidates from a wide range of backgrounds.”

Santander is the latest FSI to drop the 2:1 requirement, with PwC dropping its equivalent rule in 2022. Accountancy firm EY abandoned the 2:1 requirement for graduates in 2015, saying at the time that there was “no evidence” that professional and academic achievements were correlated.

Share Story: