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Jurassic


Total Posts: 415
Joined: Mar 2018
 
Posted: 2021-02-04 14:47
"Most [software] roles are still 'run the bank' or regulatory or just building normal tools for traders and salespeople," he adds."

What does this actually mean?

Source: https://www.efinancialcareers.co.uk/news/2018/05/technology-pay-banking

Patrik
Founding Member

Total Posts: 1376
Joined: Mar 2004
 
Posted: 2021-02-04 16:09
Not massively value-adding in of themeselves, solving "commodity" problems, and unlikely to be super exciting.

E.g. mifid2 caused a lot of process work to be required, and banks have to play ball, but would not voluntarily have done the work. Hence it is at best "less cost", not "more revenue". That isn't going to set the world on fire and generate big payouts.

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Jurassic


Total Posts: 415
Joined: Mar 2018
 
Posted: 2021-02-04 16:43
I have no idea what this means, building small crud apps? What are some examples of "commodity problems"?

I guess that building trading systems at this scale is more like working on large distributed systems like at a top tech company (eg Amazon)? Is this noticeably more skilled?

nikol


Total Posts: 1366
Joined: Jun 2005
 
Posted: 2021-02-04 22:25
shines out this:
"the myth of higher pay at technology companies fuels dissatisfaction in banks' technology ranks."

Life at other places is much better, as always. At Mars, for example.

... What is a man
If his chief good and market of his time
Be but to sleep and feed? (c)

Patrik
Founding Member

Total Posts: 1376
Joined: Mar 2004
 
Posted: 2021-02-11 21:23
@jurrasic: It could mean anything - my point was more what it's not, e.g. there aren't a large percentage of tech roles that would deal with building some new cutting edge trading infrastructure or similar, compared to the numbers involved in making sure mundane stuff like regulatory reporting, settlements, reconciliation, data exchange etc happens.

I can't speak for all banks but certainly several tend to view the world in "upstream" systems (trading floor) and "downstream" systems (backoffice). The upstream stuff is focused on the "being good at trading stuff" side of things, and the downstream is all the hygiene functions that is required on the back of that. How it is to work on will, like everything, vary a lot. I don't think it makes sense to talk in general terms and make comparisons to Amazon & Co - both will have a lot of not-so-interesting work and some interesting work (subjectively defined by each observer).

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