Facebook Wants Banking, Finance IT Technologists

If you hadn’t noticed before, Facebook is hiring. The social media company is expanding in both London and New York, and is coming after precisely the sorts of technologists that banks might also like to recruit. If you’re in finance IT, in other words, and have a particular set of skills, you might find an email from a Facebook recruiter in your box at some point.

In January, Facebook announced its intention of creating 1,000 additional jobs in London before the end of this year, a 33 percent increase on the 3,000 people it currently employs in the city. In New York, Facebook wants to hire more than 3,000 people over the next three to five years. Moreover, the company plans on leasing 700,000 square feet in Midtown, adding to the 1.5 million square feet it leases within the massive Hudson Yards complex on the city’s West Side (seen above, with its iconic statue). That’s a little under 3 million square feet, putting the social network on similar footing to other huge corporate tenants such as Bank of America. 

Coronavirus might complicate things, but for the moment Facebook’s hiring seems to be going ahead. The company has 274 open positions in London and 303 in New York. London roles include jobs for the sorts of machine learning experts and data scientists who are also on banks’ shopping lists. Matt Willard, a former technology recruiter at Goldman Sachs who now hires machine learning talent for Facebook, says on LinkedIn that the social media firm is expanding its machine learning team from 20 to 100 engineers in the next two years. Alongside its development jobs, Facebook’s looking for an EMEA recruiting manager to help it find the additional staff.

In New York, Facebook is also ramping up its recruitment efforts. The company is looking for a university ‘talent scout’ to help with university and intern hiring. It’s also begun running free-to-enter hackathons to help attract the student company.

For banks, which already have issues hiring and retaining technologists, Facebook’s expanding presence looks a bit ominous. Globally, the company already employs over 300 people who formerly worked for Goldman Sachs, over 100 who formerly worked for JPMorgan and over 200 who formerly worked for Morgan Stanley. While some Goldman technologists say the bank is a better place to work because it’s more ‘gentle’ than FB, clearly not everyone agrees. 

Facebook also has money in its favor. Starting salaries are quite generous, totalling six figures once you factor in stock, bonuses, and base salary. Moreover, Facebook’s salaries are as generous in New York City as they are in Seattle and Silicon Valley.

According to Levels.fyi, Facebook software engineers at an E3 ranking earn an average salary of $111,246, with stock options worth roughly $39,649 per year, and a bonus of $18,175. That’s pretty good, and roughly aligns with the data we’re seeing from other sources such as Glassdoor. By the time they climb to the E7 level, their base salary might total $233,000 per year, with stock options worth roughly $370,000 per year, and a bonus of $58,167.

A modified version of this article originally appeared on eFinancialCareers.