The post-pandemic job market was supposed to reward hard work and higher education. Instead, it’s become a high-stakes game of digital roulette, according to one high-ranking City executive.
Quentin Nason, a former Deutsche Bank managing director and now vice chair of the London Foundation for Banking and Finance, said in a LinkedIn post that the graduate recruitment system is “broken for both sides.”
He said he sees it firsthand through City Pay it Forward, an organization that helps high school and university students in the UK break into finance.
“Many tell me they’ve applied for 150 or more roles and still have nothing to show for it,” Nason wrote in a LinkedIn post that’s struck a nerve among City of London professionals and students alike.
The process, he says, has turned into a “meat grinder.”
AI has turned hiring into a numbers game
Recruiters, swamped with tens of thousands of applications, are relying on AI-powered screening tools to filter candidates long before a human gets involved.
Applicants, meanwhile, are using the same technology to generate flawless cover letters and CVs in seconds, he added.
“It takes a click to apply to everything with zero friction costs,” Nason wrote. “The result is 5,000 candidates for five jobs being the norm.”
The outcome, he warns, is a self-reinforcing loop of automation and rejection — a system that saves time for companies but leaves qualified graduates stuck in digital limbo.
The emotional toll on Gen Z
Beyond the clogged pipelines and failed algorithms lies a more human cost.
“This generation is not built to withstand that level of rejection,” Nason said. “They did what society told them to do, worked hard, went to university, took on £50,000 [$67,000] of debt, and now find themselves locked out.”
He said that student loans compound daily from the first day of term, likening them to “PIK notes in disguise” — a form of debt that grows relentlessly until repaid.
For many, he said, the only realistic way to pay them off is to land a high-paying job in the City of London.
But as AI begins to eliminate entry-level white-collar roles, even that path is narrowing.
A warning from abroad
Nason drew a stark parallel with Nepal, where frustration among young people over joblessness and corruption boiled over into violent protest earlier this year.
“Gen Z burned down Parliament and toppled the government,” he wrote. “It may seem distant, but it could be a preview of what comes next — the first Gen Z revolt, not born of ideology but of exhaustion with a system that no longer works for them.”
While the UK is unlikely to see unrest on that scale, he believes something has to give.
The social contract that promised prosperity in exchange for education and debt, he argues, is fracturing — and AI may be accelerating the break.
Between opportunity and overload
While Nason sees a system teetering on collapse, Silicon Valley’s leading voices insist this generation has never had more potential.
Some tech leaders — including OpenAI CEO Sam Altman, Handshake CEO Garrett Lord, and LinkedIn cofounder Reid Hoffman — have all argued that Gen Z’s fluency with AI will make them the biggest winners of the next decade.
But others, like Anthropic CEO Dario Amodei and even Federal Reserve Chair Jerome Powell, see storm clouds ahead.
Amodei warned that AI could wipe out up to half of entry-level white-collar jobs within five years, while Powell recently acknowledged that the technology is already affecting the job market for new graduates, though he said, “it’s hard to say how big it is.”
The optimism of some tech founders contrasts sharply with what’s happening inside major employers.
In September, PwC UK chief Marco Amitrano said the firm is cutting graduate recruitment from 1,500 to 1,300 hires, citing sluggish growth and the early effects of AI on roles. Deloitte UK has also reduced its intake, while PwC US plans to cut graduate hiring by a third over the next three years.
As Nason put it: “Something has to give, and soon.”