The best fintech jobs are at Goldman Sachs and JPMorgan
Now that many of the fintech lovers are brutally rejecting all the talented people they have taken in recent years, people may find that the lure of the spirit of the times is less strong than the lure of a job that pays the mortgage and comes with a pension scheme. After all, it’s not just Coinbase that is getting cold feet: Gemini, Klarna, Paypal and Robinhood are also tough employees. Forums like Blind are flooded with people lamenting the end of the fintech boom: even if you get a job at a shiny new fintech company, you probably won’t have any luck on the stock price.
Fortunately, however, there is an alternative: Fintech-like business to existing large banks. While independent fintech companies are rushing to save costs, the major players are doubling down. And their technology is often as interesting as any startup.
In a presentation last week, John Waldron, Goldman Sachs’ president and COO, reiterated Goldman’s plan to earn more than $ 4 billion in revenue from its consumer banking business (Marcus) and more than $ 750 million in revenue from its transactional banking platform (TxB) by 2024. Both businesses have been built quite a bit from the ground up over the last seven years and are deprived of the kind of older technology that tends to deter developers from joining the big banks. As Harit Talwar, the former head of Goldman’s app-based bank Marcus, said when he left in December last year, Marcus was all about building. “a modern digital business in a 150-year-old prominent investment bank. “Marcus has not been without hiccups (ask any developers who worked on the release of the Apple card), but as independent fintechs now make clear, launching a new business is rare.
While Goldman pushes with Marcus and TxB, JPMorgan doubles Chase UK, their digital consumer bank rolling out in the UK with a view to expanding worldwide. Sanoke Viswanathan, JPMorgan’s CEO for International Consumer Growth Initiatives, said on last month’s investor day that the business will not go into balance before 2027 or 2028, and that JPMorgan expects to lose $ 1 billion in the meantime.
Few stand-alone fintechs have that luxury. While the fintech industry is hit by funding constraints and doubts about profitability, large banks’ fintech arms offer some shelter from the storm. It helps that they i) do not pay badly and ii) hire.
Posts on Blind suggest that Goldman can pay generously for developers at Marcus who are outside the low-cost locations (Dallas, Bangalore or Birmingham in the UK), and that in some cases the salary for Marcus developers may even be higher than for others. development jobs in the bank because Marcus is all about technology, while other parts of the company have expensive front office staff to pay. Yes, the work can be tiring and hours long, but compensation of $ 170k in year two is apparently possible. Goldman currently has around 350 Marcus jobs open globally, and it is expected to hire 30 people for its Android iOS team alone by the end of this year. It also needs people to code the type of low latency products for Marcus that are more typically associated with the retail floor.
TxB at Goldman Sachs also hires. Goldman will expand its transactional banking operations to more than 36 countries over the next 18 months. In a recent blog post, Luc Teboul, the New York-based head of TxB engineering, said the company has hired an average of 10 engineers a month since it was founded. Teboul himself joined JPMorgan in 2018. Newer employees include Matt Koukas, who began as chief credit officer at Fifth Third Bank in Chicago in May.
Chase UK is also on the market for more employees. In September last year, the bank revealed that it had 600 people, of which 500 people were employed externally, and some came from digital banks such as Starling. Chase UK currently has around 80 vacancies for roles including IOS developers, mobile security experts and UX people. A Chase UK developer with six years of experience claims to be on a £ 160k ($ 200k) package on Blind. This may not be much compared to a technology company, but it may be okay for a fintech that is very unlikely to hire you and then let you go again before you even show up …
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