Morgan Stanley is beefing up its UK technology team across a variety of business areas as it rolls out a number of new IT projects. And it’s even willing to pay (slightly) over the odds to secure the right people.
The US investment bank is currently recruiting for nearly 200 technology roles in its London and Glasgow office.
It’s a wide spread of positions (rather than one bumper project), ranging from equity derivatives, cash equities, commodities, risk and FX development roles to application support for its Matrix system.
Morgan Stanley declined to comment on the reasons behind the recruitment spree.
However, headhunters point to a combination of a new-found desire to invest in green-field technology projects and a realisation that the cuts in 2008-09 have left it under-resourced to fulfil its ambitions.
“Morgan Stanley is recruiting techies aggressively again,” claims one IT in finance headhunter. “Senior technologists at the bank have realised that they may have cut too deeply during the downturn and need to onboard people again.”
Much like most other investment banks, Morgan Stanley wielded the axe towards the end of 2008 and into 2009. After an initial 10% headcount reduction in November 2008, it cut nearly 2,000 back office staff in February last year, and IT was believed to have been badly hit.
Now, however, it’s looking to make amends and taking a “no nonsense” approach to recruitment, according to headhunters.
“It’s offering generous base salaries and often trumping other banks to get the right people,” says one director of a financial IT search firm. “It offered 120k to an executive director within a QA role, when the other investment bank would only offer 105k at the most.”