Want a remote tech job in finance? Try a fintech
As we reported last week, there is some back-to-office resistance among investment banking technologists: why commute every day to sit in London or New York when people that you actually work with are in Bangalore, Warsaw or Budapest?
While many banking technologists say they have not received a return to office date, the return to bank buildings is certainly underway for technologists at JPMorgan and Goldman Sachs. There, the imminent arrival of trainees means that many engineers will have to be present by mid-June at the latest.
However, as banks take technologists out of their homes, fintechs are seizing the opportunity to attract engineers with opportunities to work where they want. At the payment processor Stripe, for example, 263 of the company’s 1,176 current vacancies are remote. At rival payment processor Plaid, 14 of the 97 open positions are remote (some only in the United States or Canada). At the app-based bank Revolut, many engineering jobs are open in Krakow and Budapest, but new categories have also been added for remote jobs at major Revolut hubs following its decision to return the job. remotely and transform the London office into a ‘collaborative space. “. As of this week, Revolut is also offering its employees the possibility of spending up to two months a year working abroad.
In comparison, the big banks are lagging behind. JPMorgan currently only has three tech jobs listed as remote – and they’re all aimed at office technicians in Argentina. Goldman Sachs actually doesn’t have a “remote” category for any of its jobs, nor does Morgan Stanley. UBS is currently advertising for a Kdb subcontractor to work “anywhere” near the London office, but also wants algorithmic trading Java developers to work in its “execution center” in London. A Bank of America technologist told Blind in January that the CTO wants engineers to be “back in the office as soon as possible.”
The preference of banks for engineering staff to be in their offices matters. Technologists, arguably more than staff in other fields, are relatively happy to work from anywhere and are keen to keep going: 36% of tech staff responding to a survey of the blind in March said that they would leave if they could not work from home forever. This helps Facebook allow staff to work from home indefinitely if they wish.
Big tech and fintechs like Stripe already have an advantage over banks when it comes to hiring. While banks insist on having engineers in their offices for security reasons, they risk making it even more difficult to attract good talent. They also risk the departure of their current staff for the greater flexibility offered elsewhere: Sujatha Srinivasan, Managing Director of Goldman Sachs and Global Co-Head of Market Risk for its Global Markets division, recently joined Stripe as Head of business risk management; Srinivasan will be based in New York, but may attract other Goldmanites who wish to take advantage of the opportunity to work where they choose.
Photo by Stefan Vladimirov on Unsplash
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