Investment banks may not be as dynamic as technology companies when it comes to working on certain cutting-edge products, but their technology jobs still offer interesting projects and solid compensation. Although banking technologists sometimes complain about their roles, it seems that, on the balance, technologists view banks as better places to work than some of their non-technical colleagues.
We looked at the ratings given to various banks by both technology and non-technology staff on Glassdoor and compared them in the chart below. As the chart shows, with the exception of Deutsche Bank and Goldman Sachs, technologists always give higher ratings than non-technologists.
Morgan Stanley’s technology analysts rated their bank highest of all. Writing on Glassdoor, analysts praised the bank for its “challenging environment, interesting and complex projects,” as well as its flexible working ethos and lack of pressure, its modern tech stack and its extremely polite people. The positive ratings follow Morgan Stanley’s reorganization of its technology division under Robert Rooney, the former head of fixed income sales and trading who was appointed head of technology for the bank in 2018. Rooney set about modernizing Morgan Stanley’s technology function after jettisoning senior staff at the end of 2019.
At the other end of the ranking is Deutsche Bank, which historically had a reputation for being a chaotic place to work for technologists. However, Deutsche signed a cloud deal with Google in December 2020 and said it was already attracting a high calibre of technologist as a result. Thirty percent of Deutsche Bank’s staff are engineers, said Bernd Leukert, head of technology, data and innovation at DB at the time; the bank wants to increase this to 50 percent.
In a comment on Glassdoor, one technologist said: “DB has had its problems but is turning itself around and technology is leading the way. This company is one to watch over the next few years.”
Goldman Sachs’ comparatively low ranking seems surprising, given the firm’s pride in being a “technology firm.” Negative comments from its technologists on Glassdoor include complaints about old technology, long hours, in-house tools (presumably Slang), and an opaque pay and promotion structure. More positively, Goldman technologists say they get good support from management, early responsibility and that the culture in technology is “friendly and easy going.”
A modified version of this article originally appeared in eFinancialCareers.