Well, you'd think so, wouldn't you? All kinds of doomy predictions about hordes of unemployed graduates (not borne out by stats so far) are being brought out.
But let's take a look at what is actually happening. In 2007, when the economy was still booming, 6% of new graduates from 2005/6 were unemployed six months after graduating, as you can see on the chart to the right. That was actually a pretty reasonable year, so it makes a good guide to how things looked when the economy was going well.
Even at this point, only 8.1% of those graduates who were working were actually in jobs in business and finance, and many of them were not in banks or funding institutions - they were employed as accountants and auditors in companies, or as management consultants.
This is not a great situation for graduate employment, by any stretch. But nor is it meltdown. It isn't fun if you wanted to be a London-based banker. But only a small minority of graduates did in the first place, and it is irresponsible to worry people with a big life change ahead of them by presenting the plight of a small minority of graduates as typical of all of them.