Whether the markets are climbing or falling off cliffs, their speed and complexity has become so intense, almost nothing gets done without some kind of technology behind it. Creating trading algorithms, designing and maintaining systems that execute them, ensuring security, and analyzing and managing risk have all have become components of Wall Street’s operations.
Recruiters say between 60 and 70 percent of bank technology hires are focused on compliance and risk, rather than greenfield systems development. Most firms are looking IT people to fill back-office roles, meaning jobs that keep the bank running behind-the-scenes.
One caveat, though: Employers are more and more inclined to “slice and dice” job functions, taking an a la carte approach and hiring remote and contingent employees with specific, high-end skills. A McKinsey survey found that, generally, 36.5 percent of surveyed employers envision bringing on more part-time workers, 34.3 percent expect to hire more temporary or contract workers, and 25.5 percent expect more telecommuting.