Via Business Insider:
Stuck with dwindling profits in an era of poor returns and heavy regulation, the likes of Goldman Sachs, JP Morgan Chase and HSBC are battling to hire the best software programmers, systems engineers and data analysts, to help them get ahead via new technology and cost-cutting.
With IT expertise now a must for the boardroom, banks' conservative workplaces are likely to undergo cultural change as they welcome ambitious, differently-minded people.
Points:
- “Adopting new technology is an evident strategy for industries in economic distress and investment banks have already spent billions to overhaul systems and cut staffing costs - 60 to 75 percent of equities now trade electronically, according to industry estimates, and that proportion is expected to continue to grow.”
- “Tighter regulation post-financial crisis has also prompted banks to overhaul their risk management systems - Goldman Sachs says it can now track and account for 6 million positions each day.”
- “…the latest wave of technology hires has come about because banks are aiming more specifically to grow revenues by developing tailor-made products and mobile applications based on clients' trading patterns.”
- “Recent appointments suggest that outside technology specialists have gone straight to the top of the industry.”
- “As part of tempting IT expertise and graduate talent, banks are setting up in more attractive locations.”
