Five of the biggest U.S. banks – J.P. Morgan, Goldman Sachs, Morgan Stanley, Bank of America Merrill Lynch and Citi – remain among the top firms that people want to work for. The good news is they’re all hiring, but there’s a change.
The caveat is that, in many cases, the jobs are not going to traders and investment bankers, but people with AI/machine-learning skills, data scientists, programmers, and quantitative traders. Investment banks like to say that they’re now technology companies. A BCG report says that the new skills needed across investment banking, hedge funds, mutual funds, information providers and exchanges are machine learning, predictive analytics, cloud computing, robotics and automation.
Here are a few recent engineering hires they’ve made that are emblematic of the current prevailing hiring trends on Wall Street.
J.P. Morgan has 10,000 IT staff attached to its investment bank. Daniel Pinto, the head of the corporate and investment bank (CIB), explained why you should want to work there at J.P. Morgan’s 2017 investor day, indicating that jobs there should be the most enduring of any bank.
J.P. Morgan hired software engineer Nathan Miranda after he graduated with a B.S. in computer science from Fordham University. He interned at Toshiba Global Commerce Solutions and also attended the Juilliard School and Free Code Camp.
Goldman Sachs says that 25% of its staff work in technology and that a third of its tech vacancies are in the U.S., including 18% in New York, 6% in Jersey City, 5% in Salt Lake City and 4% in Dallas.
In March, Goldman hired Brian Buryak from Deutsche Bank as an ultra-low latency (ULL) senior network engineer and architect. Prior to DB, he worked at UBS, Bear Stearns, Lehman Brothers, TD Securities, Barclays and the CIBC. Last month, the bank rehired Nonso Ogbonna, formerly a vice president of technology infrastructure risk before leaving to become an executive director of global technology at J.P. Morgan. He is now a senior engineer of technology management and strategy.
Working with computers, you have to know the fundamentals: machine architectures of the hardware, data structures, algorithms and operating systems, according to Bjarne Stroustrup, the inventor of the C++ programming language. An elected member of the U.S. National Academy of Engineering who teaches a computer science course at Columbia University, he is now a New York-based managing director in the technology division of Morgan Stanley, another example of an engineer currently working in banking.
A mysterious desktop engineer who goes only by John Y. on his public profile rejoined Morgan Stanley recently as part of a command center monitoring the migration workflow of the deployment techs in real time. He manages enterprise desktops during migration, which currently includes several Morgan Stanley sites totaling more than 4k users. In addition to his previous stint at the firm, he has worked at Christie’s Auction House of New York, TIAA, Time Warner, Nasdaq and Ares Management.
It’s also just taken on Simon Spenser, who came from a quant trading role at hedge fund Two Sigma and previously worked at D.E. Shaw and Knight Capital Group. He’s an executive director at Morgan Stanley.
Bank of America Merrill Lynch
Earlier this month, Bank of America Merrill Lynch brought on Chakradhara Konduru, a DevOps and middleware engineer who has experience with cloud computing and automation tools. Previously he worked at Northwestern Mutual, Comcast and Infosys. Last year, the bank hired Yue “Keane” Wu from Goldman Sachs to serve as a senior front-office engineer focused on fixed income, commodities and currencies (FICC) electronic trading. Prior to Goldman, Wu worked at Barclays and Prudential Financial.
In March, Citi hired Duwarahan Rajendra from AT&T Labs Research as its lead data engineer to head up the analytic data infrastructure implementing machine-learning and deep-learning algorithms. Prior to working at AT&T, he was a data engineer at Logitech and senior software engineer for research and development at various universities, including the University of Pittsburgh and the University of Southern California.
Last year, Citi brought on senior engineers who are experts in Apple’s iOS operating system, including Dave Robertson, formerly with Goldman Sachs and BNP Paribas, and Danny Zlobinsky, previously with iHeartRadio and the New York Times.